ABN Amro is partnering with Swedish firm Gimi to create a financial literacy app for kids. Using the app, youngsters may communicate with their parents about the chores they do for money as well as monitor their bank balance and savings objectives. The app is meant to educate young children about healthy spending and savings habits in order to bring about a generation of financially stable adults.
Additionally, it includes instructional games and quizzes created and evaluated per the financial literacy guidelines provided by the Dutch Institute for Family Finance Information (Nibud).
"The results of the pilot are encouraging," says Bart Verboom, new business and partnerships team lead at ABN Amro. "Figures show that kids check their balance five times a week on average. This makes them aware of the money they have on their account. It gives them a sense of pride and responsibility."
Kid-Focused Finance Apps
ABN Amro Launches a Financial Literacy App for Children
Trend Themes
1. Kid-focused Finance Apps - The rise of financial literacy apps for children presents an opportunity for companies to develop educational tools for young consumers, ultimately leading to more financially responsible adults.
2. Digital Financial Education for Youth - With the success of ABN Amro's financial literacy app for kids, there is a growing demand for digital financial education tools catered towards the younger generations.
3. Gamifying Financial Education - Developing games and quizzes that center around financial education, like ABN Amro's app, provides a fun and engaging way for children to learn about healthy spending and savings habits.
Industry Implications
1. Banking - Banks can take advantage of the growing trend towards financial literacy apps for children by partnering with tech companies to create educational tools that also foster a loyal customer base.
2. Education Technology - The rise of digital financial education tools for children presents a lucrative opportunity for edtech companies to prioritize financial literacy in their product offerings.
3. Consumer Goods - With the rise in popularity of financial literacy apps for children, consumer goods companies can explore partnerships and collaborations with these apps to offer child-friendly financial products and services.