Louise Hill, co-founder and COO of the children’s financial education app GoHenry, recently shared insights on fostering financial resilience in young individuals and the company’s recent acquisition.
GoHenry provides “Money Missions,” which are financial lessons designed for children across various age groups: 6-10, 10-14, and 14+. The app aligns with the national financial education curriculum in both the US and UK, offering gamified missions, quizzes, and lessons to help children acquire essential money management skills.
Children earn certificates and badges for completing lessons within the app. Hill explains, “Elements are triggered by behavior. For instance, if a child checks their savings goal, it might prompt a lesson on the benefits of long-term saving, the value of patience, and the importance of saving before making a purchase. The aim is to build financial resilience and empower kids with money skills.”
Hill notes that today’s Gen Z and younger generations are digital natives, pointing out significant shifts in shopping habits toward digital and card payments, with only 14% of children opting to spend cash.
The company’s founding principle was to address the lack of resources available to teach children financial literacy. Recent challenges, such as managing consolidated debt and the rise of Buy Now Pay Later (BNPL) schemes amidst a soaring cost of living, underscore the necessity of equipping young people with the confidence to navigate their finances effectively.
GoHenry has recently been acquired by Acorns, an American saving and investing app. Hill discusses the shared values and goals between the two companies: “Acorns focuses on financial wellness for what they term the ‘everyday American.’ They aim to make investing accessible for non-sophisticated investors, encouraging early and simple investment for the future. Our educational principles align closely.”
In the UK, one in five 10-12 year-olds uses GoHenry, and as a combined entity with Acorns, they now boast over 6 million customers across the US and UK. GoHenry is also expanding in Europe, following its acquisition of Pixapay in 2022, which operates in France, Spain, and Italy.
Expressing enthusiasm for broadening their services, Hill adds, “I often say we want to cater from ages 6 to 106!”
During a recent event at Parliament hosted by the Centre of Financial Capability, of which Hill is a trustee, she commented on the government’s potential impact on financial education: “If the government commits to ensuring every child in the UK receives financial education by 2030 and facilitates the release of dormant assets, it could have a transformative effect. The benefits would permeate far beyond individuals, influencing better business management, increased entrepreneurship, and enhanced economic resilience, ultimately leading to improved savings and pensions.”