The POSB Smart Buddy Programme Introduces Money Management to Kids
Laura McQuarrie — August 17, 2017 — Life-Stages
Singapore’s POSB bank recently launched the POSB Smart Buddy programme, which equipped 6,000 primary school students with smartwatches.
These all-in-one school wearables help kids how to spend and save money responsibly, making it possible for them to use the wearables for everything from paying for lunches to purchasing items from the bookshop. To check on their balance, students may scan their smartwatch at a designated kiosk in the school. To challenge kids and impart important lessons, parents are even able to set spending goals, as well as spending restrictions.
As well as serving as an educational tool for learning about money, the POSB Smart Buddy smartwatches also serve as fitness trackers and provide a notification system to parents about their child's whereabouts, such as when they board a school bus.
These all-in-one school wearables help kids how to spend and save money responsibly, making it possible for them to use the wearables for everything from paying for lunches to purchasing items from the bookshop. To check on their balance, students may scan their smartwatch at a designated kiosk in the school. To challenge kids and impart important lessons, parents are even able to set spending goals, as well as spending restrictions.
As well as serving as an educational tool for learning about money, the POSB Smart Buddy smartwatches also serve as fitness trackers and provide a notification system to parents about their child's whereabouts, such as when they board a school bus.
Trend Themes
1. Smart Wearables for Kids - There is an opportunity for companies to develop smart wearables specifically designed for children that not only educate them about money management but also provide additional features like fitness tracking and location notifications.
2. Financial Education Technology - The utilization of technology, such as smartwatches, to teach children about financial literacy opens up innovative possibilities for the development of educational tools that combine finance and technology in engaging ways.
3. Parental Monitoring Devices - The incorporation of tracking and notification features in smart wearables for kids highlights the potential for companies to create parental monitoring devices that offer peace of mind and increased safety for parents.
Industry Implications
1. Fintech - The integration of smart wearables and financial education in the POSB Smart Buddy programme showcases an opportunity for fintech companies to create innovative solutions that revolutionize the way children learn about money management.
2. Edtech - The educational aspect of the POSB Smart Buddy programme presents an opportunity for educational technology companies to develop engaging tools and platforms for teaching financial literacy to children in schools.
3. Child Safety & Tracking - The tracking and notification system in the smart wearables for kids suggests potential for companies in the child safety and tracking industry to innovate and create advanced monitoring devices that help parents keep track of their children's whereabouts.
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