Pocket Money App reaches 1 million customers in its quest to help children as young as six to be good with money

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.1 Gaming and
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 allinteract 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.

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.”

In the next few weeks, 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.