6 apps that can boost your financial literacy
Less than a third of the Indian population is financially literate, according to a 2022 report by the Asian Development Bank. Only 27% adults and 24% women meet the minimum level of financial literacy, as defined by the RBI. Being financially literate enables one to make a range of saving, spending and investing decisions, such as allocating money for life goals, sticking to a budget, making investments in different assets, and devising strategies for a rainy day.It is a crucial life skill, and when instilled at a young age, it can become a cornerstone for building a prosperous future. Learning about money management early lays the groundwork for responsible financial behaviour as an adult and helps navigate the complexities of personal finance confidently. Using apps can be a convenient and effective way to enhance the understanding of personal finance. Here are some of the most popular financial literacy apps, all of which are available for both iOS and Android systems.
TRADING GAME
RATING: 4.4
DOWNLOADS: 1 million+
COST: Free
USP: Its real-time market data makes live trading possible without the financial risks.
THE APP COVERS an array of subjects, including stocks, crypto and investments. Its lessons delve deep into the basics of economics and financial elements that underpin stock prices. The easy-to-use interface makes the app experience very smooth. The app also has a virtual stock market that lets you interact with real-time market analytics to buy and sell stocks and compete with friends on a global leader board.
INVESTMATE
RATING: 4.6
DOWNLOADS:1 million+
COST: Free
USP: It lets you set your learning goals and track progress on a daily basis.
INVESTMATE PROVIDES COURSES, tips and quizzes on personal finance. The jargon-free financial glossary makes complicated concepts more understandable for the uninitiated. The app allows you to begin your trading journey right from the basics. You will gain insights into the trading of stocks, commodities and indices. The app will also help in the development of a personalised trading strategy.
FORTUNE CITY
RATING: 4.4
DOWNLOADS:1 million+
COST: In-app purchases worth Rs.80-8,000
USP: The app turns tracking your income and expenses into a game.
FORTUNE CITY IS a financial management app designed to let users achieve financial control through a game. It combines the conventional notions of budgeting and expense tracking with the innovative element of constructing a virtual city. You can pursue financial objectives, which effectively encourages savings and sticking to a budget. As you navigate your fiscal affairs and accomplish milestones, you amass in-game rewards, affording you the means to expand your digital urban landscape.
MONEY MASTERS
RATING: 4.9
DOWNLOADS: 10,000+
COST: In-app purchases for Rs.920-6,400
USP: It offers a gamified approach to learning about personal finance with real-world examples.
THE APP PROVIDES bite-sized lessons with real-world examples on finance, investing and economics. It also gives gamified lessons on topics of personal finance, with users getting to test their level of understanding through interactive quizzes. It keeps the users engaged by using competition as a tool. For those contemplating trading or investing, this platform offers an opportunity to practise without the fear of losing real money.
YZER
RATING: 4.9
DOWNLOADS:5,000+
COST: Free
USP: Win rewards as you learn about blockchain, economics and more.
YZER PROVIDES THE basics of various investment strategies and technical analysis. The app breaks down complex topics with creative lessons that can be tackled in three minutes or less, and are highly visual. The modules also cover the fundamentals of Bitcoin, blockchain, financial markets and economics. Learning with the app feels more like a game than a textbook.
MYMONII
RATING: 4.2
DOWNLOADS:50,000+
COST: In-app purchases for Rs.120-5,700
USP: It helps keep track of your kids’ spending to teach them healthy money habits.
THE APP ALLOWS parents to initiate their children into the world of personal finance by keeping track of their allowances. Users can automate allowances, keep track of their kids’ pocket money, teach them to earn extra while doing household chores, and get a clear overview of how they earn, save and spend. Through this app, children can learn how to navigate debt and grow up with healthy money habits.
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This story originally appeared on: India Times - Author:Faqs of Insurances
