Kit is designed to help families have healthy and stress-free money conversations
New app helps Aussie kids to learn about digital money. Source: commbank.com.au
Kit is a CommBank-supported money app that explains kids how to earn, save, spend, and manage money, in the digital economy. It is now available in trial mode for 5 thousand people living in Australia.
The app has been launched as a trial by x15ventures (CommBank’s venture arm), as new research highlights the increasing difficulties parents face as kids grow up using digital devices and the use of cash is declining rapidly.
Kit is an ‘earning-and-learning’ money app missioned to help school-aged kids build their financial capability through fun, experiential learning.
With their own Kit account and prepaid card, kids can earn money on ‘PayDay’ linked to chores being completed and create customisable savings ‘Stacks’ with an animated water level that rises as they reach their goal.
Kids can access their money through an ATM and tap their card to make purchases.
And in Boss Mode, parents have access to customisable controls, such as spend limits, merchant blocks, and card and pin protection, which can be tailored to each child in the family.
The in-app Kit character is a friendly sidekick that teaches kids through just-in-time ‘nudges’ providing teachable moments for kids and parents to connect. For example, if a child removes funds from their savings stack, Kit will provide a prompt or “nudge” to remind them of the impact this will have on them achieving their savings goals.
Kit has been developed in collaboration with external, independent experts, including advice from an Advisory Panel that brings experience across financial capability, youth mental health and wellbeing, and digital services for children and families. The app also uses an EY framework designed to measure financial capabilities in children of various ages.
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