It's important to get kids set up with money savings accounts early to get them familiar with how to save money for future needs, but the 'Kidfund' app takes things in a different direction when it comes to saving money.
'Kidfund' works by enabling parents to set up savings accounts for their child and put money into it on a one-time or recurring basis in order to get them started. From here, parents can share photos and updates of the child in order to incite family and friends to send gifts directly to the child's money savings account. This ensures that gifts will be saved by children and make the money available for them down the road when they will need it most.
The 'Kidfund' app also enables parents to donate a percentage of the money received in the account to kids in need.
Crowdfunded Money-Saving Apps
The 'Kidfund' App Enables Money Savings for Young Ones Early on
Trend Themes
1. Crowdfunding for Kids - The trend of crowdfunding for children's savings accounts is growing, opening up opportunities for fintech companies to create innovative tools and platforms.
2. Social Savings - The trend of social sharing of children's savings progress and goals is on the rise, inspiring a need for personalized and gamified saving apps and technologies.
3. Charitable Saving - The trend towards charitable giving through children's saving platforms like 'Kidfund' creates opportunities for fintech startups to develop innovative donation tracking and management tools.
Industry Implications
1. Fintech - The fintech industry has the opportunity to disrupt traditional children's savings accounts and leverage crowdfunding and social sharing trends to expand financial literacy and inclusion.
2. Retail - Retailers can partner with children's saving platforms like 'Kidfund' to create marketing programs that encourage donations and promote loyalty among customers.
3. Non-profit - Non-profit organizations can leverage the trend towards charitable giving through children's savings accounts to expand their donor bases and fill funding gaps.