How Greenlight kids and teens managed $2 billion in 2024
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Year in Review key takeaways
In 2024, Greenlight kids and teens reached a new milestone by collectively managing $2 billion.
Total savings increased to a total of $259 million this year, highlighting how kids are planning for the future and achieving financial goals, including saving for a car and paying for college.
Total investments made in 2024 doubled from the prior year with a higher volume of larger trades. An S&P 500 exchange-traded fund, VOO, remained the top investment overall, while a tech company leading in artificial intelligence, NVDA, became the #1 traded stock.
It’s time for a victory lap. Greenlight kids and teens achieved a monumental milestone in 2024. Together, they managed $2 billion and gained invaluable experience learning how to earn, spend wisely, save, invest, and even give back. As kids and teens gradually earn and budget more, they lay the groundwork for healthy financial habits in the future.
Throughout 2024, more than 6.5 million parents and kids used Greenlight’s award-winning money and safety app. From doubling investments made to saving for their future, kids and teens showed that the path to financial independence can — and should — start early. Let’s dive deeper into the money trends that shaped the year.
Learning to spend wisely in 2024 💸
With an average amount of $126 spent monthly, Greenlight kids and teens made more than 100 million decisions on how to use their money. Learning about trade-offs in their transactions reinforced the fundamental concept that money isn’t unlimited.
Be a financially smart family!
Most popular spending categories
Retail giants: Amazon, Target, and Walmart topped the list with $71 million spent at Amazon this year alone. Kids and teens spent nearly $20 million more at the online retailer than other big-box store chains.
Food favorites: DoorDash emerged as the #1 food merchant in 2024 — and #4 in overall spending — at $45 million, showing a preference for tech-enabled convenience and on-demand delivery. The restaurants that followed were McDonald’s, Starbucks, Chick-fil-A, and Chipotle.
Gaming wins: Online gaming and app purchases accounted for three of the top 10 merchants — Apple, Playstation, and Microsoft — followed by Xbox, Roblox, EA Games, and Steam Games in the top 20, with average purchases ranging from $9 to $16.
Beauty splurges: Sephora was the top beauty brand with $17 million spent. The average cosmetics purchase was $38 at Sephora compared to $29 at Ulta.
Saving for big goals and the future 🔮
Greenlight kids and teens prioritized the future with saving goals more than ever before, and they’re even preparing for the unexpected with emergency funds (we love to see it!). Collectively, they saved an impressive $259 million in 2024.
Top saving goals
Car: $12.8 million was set aside for a first car, and it was the #1 goal for ages 10 and up.
College: Higher education was the #1 goal for ages 5-9, and in the top 3 for all ages.
Future: Long-term plans inspired $5.3 million in savings with kids and teens planning for their journey to adulthood.
“Vacation” also made the top 10 list, helping kids save for bucket list travel including Disney, Japan, New York, Hawaii, and several school trips, summer vacations, and more. The young savers proved they were taking ownership of their financial futures, too. “Emergency funds” was another top goal for all ages, with a total of $753,000 set aside just in case — an essential financial habit to carry into adulthood.
Investing big in emerging tech and crypto 📈
Overall, investing with Greenlight more than doubled in 2024. The total amount invested increased from $20 million in 2023 to $43 million in 2024, with a higher volume of larger trades and strong interest in emerging tech, artificial intelligence, and cryptocurrency.
Most popular investment: Year over year, the #1 investment overall remains the Vanguard S&P 500 exchange-traded fund (VOO) with $6 million invested in 2024. Greenlight kids and teens love to research and learn about new investments, and they also know the importance of a diversified portfolio.
#1 traded company stock: The tech company Nvidia (NVDA) became the #1 traded stock with $4.9 million invested, nearly 6 times more than the amount last year.
Other top investments: Rounding out the top 5 investments are Apple, Tesla, and MicroStrategy, a business analytics software company that has soared with massive bitcoin holdings.
Emerging trends: More tech and bitcoin ETFs moved to the top with Greenlight investors, including the iShares Bitcoin Trust, which was first approved by the U.S. Securities and Exchange Commission in January of this year.
The individual trade amount was $41 on average, demonstrating kids’ and teens’ understanding that the path to building wealth can start small and grow over time.
More chores + jobs = More income 🧹
A foundational pillar of financial literacy is learning to earn, because income is the starting point of every budget. Greenlight kids and teens earned big in 2024, developing important life skills like responsibility and work ethic to prepare for the real world.
Direct deposit: Greenlight teens received $130 million from employer paychecks using direct deposit in the app.
Chores: Many kids and teens did regular chores at home to earn money, with 66 million chores completed and nearly 400,000 one-time jobs. Cleaning their rooms, taking care of pets, and reading topped the list. They also did dishes, laundry, plus trash and recycling duty — not to mention practicing a variety of musical instruments and remembering to take their vitamins.
Allowance: The average allowance across all age groups was $13.42, for a total of $213 million overall. When kids get an allowance, they can learn how to budget their money with a plan on how to use it wisely.
Becoming pros behind the wheel 🚘
New in 2024, Greenlight added driving safety features to help teens become confident drivers. Good news — teens are driving nearly as safely as their parents! Greenlight showed an average driving score of 84 for parents and 82 for teens.
When it comes to unsafe habits, teens actually have fewer infractions than parents overall, with less speeding and phone use, but more hard turns and fast accelerations. Real-time alerts and personalized reports and scores improve positive driving habits and lead to safer trips on the road.
Giving with generosity 🫶
Kids and teens set aside $8 million for donations in 2024, demonstrating a commitment to generosity and supporting charity. The favorite nonprofits financially supported throughout the year were the Girl Scouts, the International Spy Museum, and the Smithsonian Museum.
Learning all year round 🧠
A year of growth and new beginnings
2024 was a milestone year for Greenlight kids and teens, and we’re ready to reach greater heights in the new year! Every dollar earned, spent, saved, and invested is a step toward lifelong money skills, and it all begins with goal setting and future planning. The next generations are increasing financial capability at younger ages, by building healthy financial habits that they will take with them into adulthood.
Not already a Greenlight family? Join the 6.5 million parents and kids already using Greenlight and help your family reach their own milestones in 2025. Sign up today to get started.
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