Teach your kids about money management with new app

Standard Bank has launched a banking app for children which will help parents teach their kids about money matters

Every parent tries to instill the importance of money management in their children, but it’s not always the easiest task.

But a new banking app developed by Standard Bank for children between the ages of six and 11 is designed to help unpack financial management concepts like earning, saving and spending wisely in a way that kids can relate to.

The app encapsulates South Africa’s ‘Big Five’ in an animated fantasy world where the animals represent different aspects of money management.

READ MORE: Baby steps to budgeting

“South Africa is a country with a reputation for a poor savings ethic and our vision for the app is to begin to teach children to save in a way that is easy, exciting and appeals to their love of all things technical,” says Standard Bank head of digital channels and eCommerce Vuyo Mpako.

“It is vital that learning the value of money, the benefits of saving and how to spend effectively become natural skills. The child that understands these concepts learns lessons that will impact on every stage of their lives.”

The leopard, for instance, encourages children to complete ‘missions’ (read: chores) that you can set for them to complete around the house, along with time limits within which the task should be ‘completed’, with the incentive of earning money for each mission they finish.

Once the task has been accomplished you’ll be able to approve the transfer money into the app as a reward.

That money can then be saved towards a wish they may have like a new toy. Through this, children will learn the value of earning money and saving towards something.

Because the Kidz Banking App is linked to the parent’s main banking app, you will be able to track transactions made and know exactly what your children are spending their pocket money on.

READ MORE: Smart ways to teach your kids about money

“The more serious intent behind this is to address low financial literacy levels among many young South Africans and the indebtedness and low savings rates within our greater population. For parents with strongly developed financial skills, the objective would be to pass on the legacy of the lessons they have learned and to create an awareness of inculcating financial literacy skills within their children,” Mpako says.

The app is currently available only for Android smartphone and tablet users, but a version for iPhones is due to be launched this month.