Pocket Money App Reaches 1 Million Customers In Its Quest To Help Children As Young As Six To Be Good With Money

22nd April 2020 | Blogs

By gohenry

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  • gohenry reports strong growth and momentum with £13m turnover in 2019 as more families than ever before swap cash for cards 
  • New data shows a surge in online spending by Generation-Z is playing its part in boosting the fortune of some sectors during lockdown 

gohenry, the prepaid Visa debit card and app for kids aged 6-18, has hit the one million customer milestone across its UK and US territories as the trend for investing in the financial wellbeing of Gen-Z gains pace. Following years of accelerated growth since its inception in 2012, the company today reports an annual turnover of £13m in 2019 as families increasingly look to cashless solutions to help children become skilled in money management. 

gohenry also reveals today that its Gen-Z community has contributed over £227 million to the UK economy since the company launched. In 2019 alone, gohenry cardholders in the UK earned more than £97m in pocket money and were paid in excess of £2.3m for completing tasks around the house. And its latest data suggests young people are playing their part in propping up the economy from home, with online spending by gohenry customers up 65% during lockdown. Gaming and 1 entertainment are the most popular spends as kids look to stay connected with the outside world. 

Started in 2012 by co-founder Louise Hill in response to a lack of tools to help her own kids understand money as cash transactions dwindled, gohenry has doubled its customer base in the last two years, attracting record-breaking crowdfunding rounds in the process and creating a new category in the finance space. This year, gohenry featured ninth in the Financial Services category of the FT1000 list of fastest growing European companies and is part of Tech Nation’s 2020 Future Fifty 8.0 cohort supporting high-growth scale-ups. 

Louise Hill, co-founder and COO, gohenry, explains: “When we launched back in 2012 there was no other product like ours in the market. My children were racking up iTunes bills on their iPods with no realisation that the click of a button had a consequence on my bank balance. Now we have one million customers who, like us, recognise that money management is a vital life skill, which is a huge milestone for the company. 

“Right now, during this period of social-distancing that has accelerated a change in how we all interact with money, we are well-positioned to support our young customers to become more confident in digital spending and interactions." 

Educating Gen-Z in money matters 

The gohenry card is designed for 6-18 year-olds who can personalise their card with a bespoke design and their own name and use the app to manage their money by setting savings goals, check their spend, or donate to gohenry’s partner charity, the NSPCC. Parents have their own app where they can pay pocket money into their child’s account, monitor spend, set spending limits, and create regular or one-off tasks for children to earn money in return. 

1 Data from Monday 23 March to Monday 6 April inclusive compared to compared to the same period four weeks prior to the government’s lockdown (Monday 24 Feb to Monday 9 March) 

As it hits the one million customer mark, gohenry data reveals how Gen-Z is contributing to the UK economy as it learns the value of money in the digital age: 

  • In 2019, gohenry cardholders earned in excess of £109 million in pocket money 
  • Over £1 million has been earned from tidying bedrooms 
  • More than £6.9 million has been spent on Big Macs and chicken nuggets 
  • In the UK, children like to spend their pocket money on gaming, with £14.6m spent on Microsoft products since 2012, followed by Amazon (£11.4m) and PlayStation (£9.2m) 
  • In addition, the company’s inaugural Youth Economy Report revealed a pocket money pay gap showing British boys aged 8-15 are paid 5% more than girls 

gohenry’s first ever customer, Helen Symonds, started accounts for her three sons in 2012, including Henry (now 19), who the business was named after. She says: “I was conscious that finance and money management wasn’t something that was addressed in school and giving the boys some independence to make their own spending choices helped get us talking as a family about key issues like the risks and benefits of using debit and credit cards. Having their own card from a young age has definitely boosted their financial confidence, which in turn has helped them become more savvy about the many options open to them as adults, as well as being mindful of their spending habits and outgoings.” 

David Boyes from Wiltshire became gohenry’s one millionth customer when he signed his 8-year-old daughter Ciara up for the next generation money app following a recommendation from a friend. He says; “Within weeks Ciara has learned the value of money. Before, she would ask for things with no concept of what they cost. Now that she is managing her own money, Ciara has become very conscious of what is going in and out of her account. 

“She earns her money through chores at home, including making her mum a daily cup of tea. Ciara is now really seeing that hard work reaps rewards – we pay in her pocket money every Friday and she looks forward to it like a proper pay-day!” 

Today’s announcement comes at the same time as gohenry renews its partnership with Visa in the UK for the next five years as part of Visa’s FinTech Fast Track programme to support newer providers to grow their business. The partnership with Visa will see gohenry look to continue its exceptional growth rate. 

Jeni Mundy, Managing Director, UK & Ireland at Visa said: “Teaching kids about managing money is important and it is great that apps like gohenry help parents do this in a safe and easy manner. We are proud to be gohenry’s partner of choice, working together to share knowledge and skills with younger generations so that children can build financial literacy from an early age. 

“We congratulate gohenry on making the one million customer milestone and look forward to continuing our partnership, enabling gohenry to grow into new markets and reach more families across Europe.” 

Later this year, gohenry will be unveiling a new teen account with a range of exclusive cards and features tailored to older children, including peer-to-peer transfers, the option to have a wage paid to their gohenry account, and rewards hand-picked for young adults - all with the same unique family controls. 

ENDS 

Press contact: 

Ali Dagwell, gohenry, alison.dagwell@gohenry.co.uk 07392 113010 Hannah Walsh, gohenry@threesixtycomms.com 02075 808 360 

About gohenry Launched in the UK in 2012, gohenry is a prepaid Visa debit card and app with unique parent controls designed exclusively for 6-18 year-olds to help them learn good money habits in an increasingly cashless society. 

gohenry’s innovative app gives young people the freedom to learn and take charge of their own spending and saving in a safe environment, while the app's parent version allows parents to guide kids through the early stages of digital finance. 

Having expanded into the US with Mastercard, gohenry is building a global movement of over one million customers who fiercely believe that being good with money is a vital life skill. 

For more information please visit gohenry.co.uk, or gohenry.com in the US. 

In the UK the gohenry card is issued by IDT Financial Services Limited pursuant to a license from Visa Europe. IDT Financial Services Limited is a regulated bank, licensed by the Financial Services Commission, Gibraltar. Registered office: 57-63 Line Wall Road, Gibraltar. Registered No. 95716. 

In the US the gohenry card is issued by Community Federal Saving Bank, member FDIC, pursuant to license by Mastercard International. 

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