Thousands of families across Australia are invited to try out Kit, a new CommBank-supported money app that could revolutionise how kids learn to earn, save, spend, and manage money, in the digital economy. Be one of the first to trial the app for free by signing up to Beta at www.heykit.com.au.
New research highlights the increasing difficulties parents face as kids grow up using digital devices and the use of cash is declining rapidly. Fresh research from YouGov, commissioned by Kit, found that despite 72% of parents being concerned about the influence of online games on their children’s attitudes to money, almost half (48%) avoid discussing money with their children.
Kit is an ‘earning-and-learning’ money app with a mission 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.