'Walo' is a newly launched app that helps Canadian children develop a strong understanding of their finances.
The company discovered that a shocking 75% of North Americans live paycheck to paycheck, and wanted to create a platform that can help mitigate the financial stresses of the future generation.
'Walo' app was designed to end this era of financial uncertainty. They have designed an app that helps youth develop a strong financial vocabulary. For a low fee of CAD 4.99/month, parents can register up to four children on the 'Walo' app, and assign their children an automated allowance. 'Walo' app uses a series of algorithms and a gamified learning experiences to help children develop robust financial literacy.
'Walo' app currently works with Canadian bank accounts only.
Kid-Friendly Finance Apps
New Finance App 'Walo' Helps Children Develop Financial Literacy
Trend Themes
1. Gamified Financial Education - There is an opportunity to develop more gamified financial education apps like 'Walo' to make learning about finances more engaging for children.
2. Automated Allowances - There is an opportunity to create apps that offer parents a feature to assign automated allowances to their children, similar to 'Walo'.
3. Youth Financial Literacy - There is a growing trend towards educating youth on financial literacy and offering tools like 'Walo' to help set them up for financial success.
Industry Implications
1. Fintech - Fintech companies can leverage the trend towards gamified financial education by developing apps like 'Walo' to improve financial literacy for all ages.
2. Education Technology - EdTech companies can create more finance-based tools for children and young adults, building on trends towards educating youth on financial literacy.
3. Banking - Banks can develop their own versions of apps like 'Walo' to offer automated allowances and promote financial literacy among young consumers.