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GoHenry Review: The Key To Teach Your Young Kids On Financial Literacy

If you are looking out for an online app and debit card that is ideal for your kids, then you got to check this GoHenry review.

GoHenry Review: The Key To Teach Your Young Kids On Financial Literacy

According to the Standard & Poor’s Ratings Services Global Financial Literacy Survey, which is the world’s largest and most comprehensive global measurement of financial literacy, 33 percent of adults from all over the world are financially literate.

In the United States alone, 57 percent of adults are financially literate.

Meanwhile, according to the  OECD Programme for International Student Assessment (PISA) test of financial literacy, which was conducted back in 2015, from the 15 countries that took part in the said test, only around one in every four students are financially literate.

Furthermore, an article published by CNBC says that based on studies, 22 percent of students in the United States do not meet the basic standards for financial proficiency.

If you come to think about it, for a society to be financially literate, we have to start with the young ones, right?


With exactly this in mind, more and more mobile budgeting apps for children are coming to life. These mobile budgeting apps aim not only to move towards a cashless society but also to teach children how to manage their finances.

In the same article by CNBC, it says that teens with bank accounts score higher than their contemporaries who do not have one. More so, those with a bank account are also more likely to earn from a part-time job and talks to their parents about finances on a regular basis.

Do you see the difference between financially proficient kids from those who are not?

It greatly shows that teaching our children early about managing finances will greatly affect – in a good way – how they spend and save.

While teaching our kids to be financially literate may sound a little challenging, the good thing is – today, thanks to technology and the internet, parents can depend on mobile budgeting apps and banks that provide services specifically for young people.

As mentioned, there are a lot of institutions providing such services, and one of them is GoHenry.

Unlike any other mobile banking and digital apps available out there, GoHenry is unique in its own way — particularly with the fact that it was created by parents who wanted to teach their children about handling their money to avoid debts.

If you are interested to know more about GoHenry and what it offers, then this one’s for you.

In this GoHenry review, we are going to specifically tackle the following:

  • What is GoHenry?
  • How does GoHenry work?
  • What features does GoHenry have?
  • Who can use the GoHenry app?
  • Are there fees involved with GoHenry?
  • What are the benefits of using GoHenry?
  • What are the downsides of using GoHenry?
  • Is GoHenry safe?


GoHenry, which was launched in 2012, is an online application and a debit card that was specifically designed to help kids aged six to 18 years old manage their allowance through instinctive budgeting and responsible spending.

This United Kingdom-based company offers one-of-a-kind parental controls, which allows moms and dads to monitor debit card transactions individually for each of their kids.

Although it originally came from the United Kingdom, GoHenry is already currently available in the United States as well.

By the way, one interesting fact about GoHenry is that, as we have mentioned earlier, the app was actually launched by a group of parents who aimed to teach their children to be financially literate.

Furthermore, it is nice to know that GoHenry does not charge an overdraft fee, which means there is no risk that your little one will rack up debts and charges.

With a very promising service, it is not surprising at all that as of this writing, GoHenry has already over 500,000 members from across the United Kingdom and the United States.

If you want to know more about GoHenry, here’s an informative video by Eann. You should check this out:


Now that you have learned a brief history of the app, and what GoHenry is all about, this time, we are going to talk about how it actually works.

Similar to any other mobile budgeting apps and mobile banks, setting up a GoHenry account is made simple and easy.

You start off by downloading the smartphone app. If you want to, the app has a demo account that you can use to see how everything works before you actually sign up.

To proceed with the account setup, you will be asked to provide basic personal details like your name, email address, as well as your mobile number. You will also be asked to create a unique password to keep your account secured.

Once done with the initial steps, you will then have to add and confirm your child’s details. The cards will then be ordered and should arrive within five to seven days.

GoHenry actually has two versions — it’s up to you if you are going to download the parent version or the child’s version.

For you to have a better understanding of the difference between the two mobile app versions, here’s a quick rundown of its features:

Parents Version

The GoHenry parents’ version allows parents to:

  • Manage up to 4 children’s accounts
  • Make one-off payments
  • Set up regular payments
  • Invite relatives or other family members to contribute
  • Control where the cards can be used (such as in-store, online, as well as cash machines)
  • Set spending limits
  • Set tasks for the kids
  • Block and unblock cards
  • Receive instant spending notifications

It is also important to note that the parents’ version home screen allows moms and dads to see the balance of their own account so they can easily top up or transfer money to your children’s account.

Furthermore, you are also able to see how much your kids have spent, saved, as well as the amount that is currently available for spending.

Apart from setting a limit, blocking and unblocking, the cards section also allows parents to retrieve pin number as well as order custom debit card for your kid.

The GoHenry app also allows parents to edit their kids’ weekly allowance if there’s a need to.

Children Version

The GoHenry children version allows the kids to:

  • Budget based on their weekly allowance
  • Earn money by completing tasks
  • Save into specific savings goals
  • Ask family and relatives to contribute
  • Spend within the set limits
  • Get instant notifications about the reason behind declined transactions

On the GoHenry app’s children version, your kids will get to see their spending limit, the money they’ve already spend, as well as the money saved on the home tab.

Furthermore, the home screen allows shows how much allowance is due, when it is expected to be credited to the account, as well the number of tasks remaining.

On one hand, the card tab shows the spending transactions, the pin number, as well as the limit set on the card.

On the other hand, the earning tab allows your kids to see the tasks available. The completed ones are highlighted, to differentiate them from those that are yet to be completed.

Meanwhile, the saving tab allows you to set new goals and see the current progress on existing goals.


In this section of our GoHenry review, we are going to tackle the features that GoHenry offers.

By signing up with GoHenry, you will automatically get access to the following:

  • Parental Account
  • Children Account
  • GoHenry Prepaid Visa Card

Parental Account

This account allows parents to top up their children’s accounts as well as adjust parental controls. The parent account is fully accessible through the GoHenry mobile app.

The parental account comes full of chances to support learning about money, as well as to reinforce parenting.                     

As mentioned earlier, parental accounts allow parents to do the following:

  • Manage up to 4 children’s accounts
  • Make one-off payments
  • Set up regular payments
  • Invite relatives or other family members to contribute
  • Control where the cards can be used (such as in-store, online, as well as cash machines)
  • Set spending limits
  • Set tasks for the kids
  • Block and unblock cards
  • Receive instant spending notifications

Children Account

With this account, children are able to do the following:

  • Budget based on their weekly allowance
  • Earn money by completing tasks
  • Save into specific savings goals
  • Ask family and relatives to contribute
  • Spend within the set limits
  • Get instant notifications about the reason behind declined transactions

GoHenry Prepaid Visa Card

The GoHenry Prepaid Visa Card works just like any other regular debit card. It can be used online, in-store, as well as at cashpoints (if allowed). Although the card comes for free, you can customize it for only $4.99.

It is important to note though that while there is no limit to the number of children that are subscribed to the GoHenry service, each child will incur the same subscription cost. The GoHenry subscription costs $3.99 per month.


Now that you already know what GoHenry is all about and what it has to offer, this time we’ll talk about who is eligible for a GoHenry account.

As of this writing, GoHenry account and services are only available in both the United Kingdom and the United States.

While some people thought there is a big difference between the two versions, there’s actually not that much except for the currency used.

Regardless if you are using a GoHenry US or UK version, you will get the same type or level of functionality.

Now, given the fact that the app is only available in these two locations, it means that if you are outside the UK or the US, you cannot use GoHenry.

Also, it is very important to note that the system was specifically designed to cater to children aged six to 18. So, if your kids are older than 18, then, GoHenry is not the perfect tool for you.

Another thing, GoHenry is only helpful if you have kids. It doesn’t make sense if you do not have one.


One thing we particularly notice (and we like as well) about GoHenry is their transparency when it comes to fees involved.

All fees and charges are provided upfront, which means you are not blindsided. You know from the start how much this and that costs.

Now, while signing up with GoHenry is free of charge, and that there is no limit as to how many children you want to enroll, it is very important to note that there is a monthly fee of $3.99 per child account, and this comes without exemptions.

Furthermore, as we have said earlier, the GoHenry prepaid card is free, but if you wish to customize it, it comes with a price. Customized prepaid cards cost $4.99 each. The same amount goes for the replacement of lost, stolen, or damaged cards.

Meanwhile, balance inquiry using the GoHenry app is free, as well as reloading of a debit card, customer service, and inactivity (after 12 months with no activity on the account).

Unlike other mobile banks or apps of similar use or level, GoHenry charges $1.50 for ATM withdrawals — both for in and out of network withdrawals. It is important to note that some ATM owners or ATM networks may charge an additional fee.

Furthermore, international ATM withdrawals are charged $1.50. Take note that you may also be charged a fee by the ATM operator regardless if you completed a transaction or not.

As mentioned earlier, GoHenry neither charges an overdraft fee nor offer a credit feature.


Similar to any other online money portals out there, GoHenry has its share of pros and cons.

We found some really interesting benefits, and this includes:

  • Full Parental Control – Unlike other similar online apps, GoHenry provides parents will full control of the account (as stated earlier).
  • Multiple Child Accounts – GoHenry does not limit as to how many children you want to sign up for. However, this means the same subscription cost for each account.
  • Free Trial – GoHenry provides a one-month free trial, which means you can cancel your subscription anytime you feel it’s not the app for you and your children.
  • Family and Relatives Contribution – The mobile budgeting app allows not only parents but also other family members and relatives to contribute to the child’s allowance if they want to.
  • Real-Time Notifications – GoHenry provides real-time alerts for both spendings and failed transactions.
  • Reasonable Subscription Fee – GoHenry charges $3.99 per month as a subscription fee, which when compared to other similar apps out there, it’s pretty much reasonable.
  • Incentives – The app can be used to give incentives to your kids to make them earn money. Parents can add new chores, and decide how much they will pay for their kids for doing the tasks. This is on top of their weekly allowance. Doing so teaches them the value of hard-earned money.
  • Encourages Savings and Financial Goals – Using Gohenry encourages your children to save and to set financial goals at such an early age. A valuable lesson that is very helpful, really, especially when they become an adult.


As we have said in the last section, while there are benefits of using GoHenry, there are also a few downsides.

Some of the things we do not like about GoHenry are as follows:

  • No Interest – Unfortunately, GoHenry does not pay an interest, which means whatever amount you put into your child’s account, that remains as is.
  • Cannot Load Cash – Another thing we do not particularly like about GoHenry is that it does not offer a cash loading option. It limits the ability of parents to load money into their kids’ accounts.
  • Oversees Charges Apply – As per GoHenry, a $1.50 international withdrawal fee is charged if you withdraw money from your GoHenry card abroad.
  • Only One Parent Can Control The Account – For some, it may not be an issue, but for other parents, it might be. Unfortunately, GoHenry only allows one parent to have control over the account.
  • Monthly Subscription Fee Per Child – If you have two or more children, paying off $3.99 per child a month for the subscription fee can be quite expensive. It would be nice if GoHenry offers a family plan instead of a per child fee.


One of the common concerns of consumers when it comes to mobile banking or a mobile budgeting app is the safety and security of both personal information as well as the money itself.

In GoHenry’s case, we got to say that your account is safe and secure. The institution made sure that all safety and security measures are in place to ensure their customers’ trust and confidence.

To make sure that your account is well taken care of, GoHenry uses the following:

  • State of the art chip security
  • PIN-protected transactions
  • 256-bit encryption like the banks use

Furthermore, GoHenry makes sure there is no risk of overspending, and in case your card is lost, you can easily block it so no one gets to use it.

Also, all GoHenry accounts are FDIC-insured of up to $250,000.


So, if you were to ask us, is GoHenry worth the time and money, what would our answer be?

We got to say that it actually depends. If you are a parent who is looking into modernizing your approach to giving your kid’s allowance, then we have to say, GoHenry is a tried and tested method, and that it’s a good option.

Needless to say, it is a reputable company with lots of investors, which means it’s not dropping off anytime soon.

Are you having some uneasy thoughts yet or you are convinced that this is the right tool for you?

We hope that through this GoHenry review you are able to gauge if this one’s indeed the right tool that will help teach your kids how to handle their money well.

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