Kids may learn how to save, spend, and share, thanks to programs like “Sesame Street,” but Greenlight Financial is adding one more important lesson into the mix: investing. The fintech company behind the parent-managed debit card and app for kids launched its newest plan Thursday, Greenlight Max, which focuses on teaching children how to invest.
Greenlight Max is an upgraded plan for families that includes all of the usual offerings, plus the ability for kids to research stocks using data analysis from financial services firm Morningstar, learn from in-app educational content, buy and sell stocks and mutual funds with parental approval, and track portfolios.
"Investing is one of the most important pieces of the personal finance puzzle,” Tim Sheehan, co-founder and CEO of Greenlight, said in a statement. “That's why we launched Greenlight Max—so parents can lay the foundation for building generational wealth."
Greenlight believes its new plan fills an education void because investing skills are not widely taught in schools. Only six states mandate personal finance courses for all high school students, according to a report from Next Gen Personal Finance, a nonprofit that provides free personal finance curriculums. Additionally, 45% of Americans said they don’t own any form of stock, according to a poll conducted in March and April by global analytics firm Gallup. One way to help narrow those gaps in financial education and investing may be through teaching kids how to invest at an early age.
Greenlight Max costs $9.98 per month, per family, with no transaction fees for investing, and includes other upgraded options like cellphone, purchase, and identity theft protection. Families can also enjoy the investing features with the Greenlight Invest plan, which costs $7.98 per month, per family, while Greenlight’s traditional banking plan is still $4.99 per month, per family.