Bankaroo is a free digital platform for educating kids on financial literacy matters. Designed so that its easy for parents to customize to their own routines, Bankaroo has a handful of apps that allow children the chance to manage their allowance, chore or gift funds.
Launched in 2011, Bankaroo is primarily an online money management tool with the branding of charming story book and the user-friendly design of any kids video game. Children can also set goals within the app and track their status in real time. For parents, the Bankaroo app can be programmed to deliver regularly scheduled payments.
This highly useful tool is a great resource for parents aiming to supplement the lack of financial literacy education in public school curriculum.
Educational Digital Kiddie Banks
Bankaroo is an Education-Focused Virtual Bank for Kids
Trend Themes
1. Virtual Financial Education - Bankaroo is leading the trend of using virtual platforms to educate children on financial literacy matters.
2. Gamification of Financial Education - Bankaroo's charming storybook branding and user-friendly design is an example of how gamification can be used to teach financial literacy to kids.
3. Goal-setting in Financial Education - Bankaroo's goal-setting feature is a trend in financial education that motivates kids to develop good financial habits.
Industry Implications
1. Edtech - Bankaroo is disrupting the EdTech industry by providing a free and accessible platform for teaching financial literacy to kids.
2. Fintech - Bankaroo's virtual banking system has the potential to disrupt the traditional model of brick-and-mortar banks.
3. Parenting - Bankaroo's customization and scheduling features are disrupting parenting by providing a tool for teaching financial responsibility.