The best way to teach kids about money is to give them some
Acquiring new customers is tough. You spend time creating and offering great banking services but your potential customers are simply unaware of them, don’t necessarily know how to compare yours to the other banks other than through price and continue to make poor decisions.
Winning financially is hard work and requires a level of financial literacy to navigate the complexity of products on offer and decisions to be made on a daily basis. The earlier we can begin acquiring these skills the better. This is why teaching people about simple money management from an early age makes them financially empowered and greatly improves their ability to make good financial decisions in the future. When banks compete on purpose they take on this challenge directly, providing tools to help their customers have conversations with their kids about money, where it comes from, the concept of value exchange and the power of saving.
Teaching kids about money has many benefits:
- It improves their decision making ability
- They can make mistakes now instead of later
- It prepares them for a good credit score
- It teaches them the value of goal setting
- It improves their chances of being financially secure
In a time of credit cards, internet banking and online shopping, children don’t often see people buying products with physical money like notes and coins. Not seeing money exchanged for purchases makes it harder for kids to get their heads around what things cost. They might see this invisible money as an abstract and unlimited resource rather than real money coming in and out of their family’s bank accounts.
In the meantime there’s a very real activity going on in households across the world – getting everyone to pitch in and do their bit. Look familiar?
Chore Scout takes on this challenge by helping children learn about money and become financially empowered when they grow up by embedding this into everyday actions. We know that repetition is the mother of skill, so let’s do that; skilling our children in the value of money and value exchange in the things they do every day and in the meantime resolving the problem of lost stickers and board ticks!
What is Chore Scout
Chore Scout is a pair of mobile apps – one for the parent (or guardian) and another one for the child. The parent’s app is integrated seamlessly into your core banking system and the child’s app is standalone making it simple for both you and your customers. It’s available on both iOS and Android platforms.
It allows parents to assign chores and pay pocket money to their children thereby providing a platform for managing chores and automating allowance payments. The children perform the chores to get their allowance. They decide how much to save towards their goal and how much to spend and the payments then occur automatically in a secure manner. This helps kids understand the value of saving money and instills the ability of delayed gratification in a fun, engaging and rewarding way. The children can also track their goal progress and the feeling of actually achieving something further fuels the cycle of saving money and getting rewarded for it.
- Link their device securely to their bank account
- Setup their child’s profile and associate it with a savings account
- Assign chores to their children and approve/reject them
- Pay allowance to their children
- Track their children’s goal progress