South Africa-based Standard Bank has gone ahead and launched a banking app for kids whose parents want to make it a point to teach their children about how to handle and manage money.
Targeted towards children between the ages of six and 11, this banking app is designed to explain fundamental concepts of money management such as earning, saving and spending using language that analogies that are easy to understand. The app uses different animals to represent different aspects of and approaches to money.
Considering that financial literacy among young adults is notoriously low in South Africa, the introduction of a banking app for kids looks to be a fantastic way to prepare the next generation for adult life by arming them with basic knowledge about money that they can build on.
Educational Money Apps
Standard Bank's New Venture is a Banking App For Kids
Trend Themes
1. Money Management Education - Standard Bank's banking app for kids highlights a trend towards educating children about managing money from a young age.
2. Digital Educational Tools - The use of an app as a tool to teach children fundamental concepts points towards a growing trend of utilizing digital tools for education.
3. Financial Literacy for Children - The launch of Standard Bank's banking app for kids highlights a trend towards improving financial literacy among young children.
Industry Implications
1. Banking - Standard Bank's launch of a banking app for kids shows potential for innovation in the banking industry by catering to a previously untapped market.
2. Education - The use of an educational app by a bank points towards potential intersection and innovation opportunities between the education and banking industries.
3. Fintech - The development of a banking app for kids highlights potential innovation within the fintech industry to provide educational financial tools for a younger demographic.