New app allows kids to earn cash and manage it: buy stock, donate to charity

WOODBURY, Pennsylvania (WPVI) -- With kids spending more time at home, you may have found yourself looking for enriching activities to occupy them.

What if those activities also earned them some cash?

A new app achieves both, allowing kids to make money and manage it.

It's called BusyKid.

Colin Flynn is an 8th grader in Woodbury, Gloucester County. He's always been fascinated by the stock market.

During the pandemic, he started using the app, and it's paying off.

"He has invested approximately $1,000, and right now he has about $3,000 in the stock market," says Kerri Sullivan, Colin's mother. "He's made $2,000, which is pretty significant."

It seems he has a knack for it!

"I think all of the ones that I've invested in, except for two, are up," Colin says.

This gives kids a chance to learn the value of the dollar ahead of adulthood.

"It does allow them to have real money that they get to do real things with," Sullivan says. "So it makes it tangible."

Gregg Murset is a father of six and financial planner and was inspired to launch this app a year and a half ago.

He says it's big hit during the pandemic.

"There's a 'save' area where they can literally go and invest in shares of stock," Murset says. "In the 'share' area, they can go and donate money to charities. In the 'spend' area they can get their own Visa card and spend like the rest of us online and in stores."

Kids earn money by doing chores, so vacuuming and looking after the dog are things they look forward to doing.

BusyKid also allows parents to give kids bonuses for things like good grades and good behavior.