Learning and earning
As the stock market tumbled and unemployment skyrocketed this year, Americans saved more of their disposable income than ever — including $6.15 trillion in April alone.
Kids responded exactly the same way. Greenlight says 37% more children used the app to set savings goals during the pandemic, and together they put away $51.5 million this year.
“Setting a goal and working toward it is a really big deal, especially that very first savings goal that they set and achieve,” says Sheehan.
Of course, some tasks on Greenlight are easier than others. “Put on deodorant” won the title of most unique chore this year.
“We’ve seen some really hilarious submissions from parents,” Sheehan says. “‘He’s never held the vacuum in his life before, and he’s vacuuming the whole downstairs because he wants to earn money for a skin on Fortnite.’ I think that’s really healthy.”
A better, simpler way to save more
Spending and sharing
When it comes time to spend all that hard-earned money, a Greenlight card allows kids to buy whatever they want — within the guidelines parents set in the app. While Walmart was the most popular outlet for kids in 2019, this year it was ordering food off DoorDash.
But kids didn’t just spend their money on themselves; they also donated a significant portion of their allowance to charity. In fact, donations through Greenlight’s Give feature increased by 78% between March and April, with No Kid Hungry receiving the most donations.
“Greenlight kids set aside $7.6 million for charity,” Sheehan says proudly. “They’re smarter than we realize, they observe more than we realize, and I think they recognized during the pandemic that people needed help.”
If you’re looking for a simple yet effective way to teach your kids about spending, saving and giving, Greenlight costs $4.99 a month for up to five kids. If you sign up now, you’ll get your first month free.
How to save more money in 2023
Interest rates may be rising right now, but that puts savers like you in control.
SaveBetter gives you access to high-yield savings products including MMDAs, CDs, and savings accounts available from a nationwide network of banks and credit unions. Plus, get the convenience of managing all your savings in one account.
Meet all your financial goals this year with SaveBetter.