App That Helps Parents Teach Money to Their Kids

Associatedge @ pennybox.com on 03/03/2017 - 19:14
Last edited 03/03/2017 - 19:27 by 1 other user

Hi, I'm been changing my opinion about whether to post this or not due to fear of being judged, but screw it, here I go.

I'm helping an Australian start-up called Pennybox. We are creating an app that helps parents teach money to their children/teens (6 to 16 years old) in a fun, practical, social way.

We're about to launch a beta of our App for iPhone and are interested in getting financially-aware parents who want to test the app and give us feedback.

Of course the app is free, and will be free (probably forever?). We haven't figured out how to monetise this app, we're focusing on making a fun product that children want to use and learn in the process.

Any Ozbargain-Parents out there want to try in out? You can check it out at the website: pennybox.com

Any ideas or feedback, feel free to reply to this threat or contact me directly.

G.

Financial

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Comments

  • Diji1 on 03/03/2017 - 19:24

    So I guess basic life skills like budgeting aren't being taught in schools still?

    • dylanando on 03/03/2017 - 19:29

      No but they can solve the P versus NP problem.

    • Associatedadamnaor @ pennybox.com on 03/03/2017 - 19:42

      Sadly, its not part of the curriculum. So too many kids don't learn these skills.

      • mskeggs on 03/03/2017 - 21:13
        +1

        I don't want to burst the bubble of people assuming that 'kids these days' don't learn these things, but ASIC has developed some really useful resources for teachers across all areas of the curriculum and across the whole school age range as part of a well funder program to ensure financial literacy is embedded across the curriculum.
        It is part of the Moneysmart site, which itself is very good from a general interest viewpoint:
        https://www.moneysmart.gov.au/

        It is here:
        https://www.moneysmart.gov.au/teaching/moneysmart-schools

        I was at a presentation last year from the Maths faculty of my local high school who had attended 'train the trainer' inservice and were incorporating parts across the maths, economics, HSIE, business and legal studies streams.

        The government will also accredit the school as a 'money smart school' if they meet some hurdles.

        As a guide of the practical stuff they are covering, the absolute hottest issue for senior kids is phone subsidised handset plans vs prepaid vs BYO plans, which takes a fair bit of financial literacy to compare effectively.
        The other thing they mentioned that shocked kids was doing the calculation on paying off the minimum balance on your card versus paying it off, or more quickly.

        • Olokun on 03/03/2017 - 22:05
          +1

          I don't want to burst the bubble

          Nah that game is bubble bobble

        • Placebo on 04/03/2017 - 00:48

          @Olokun: I cannot like that comment enough!!!

        • Findo on 04/03/2017 - 20:46
          +1

          I've noticed throughout the years many people around me can't afford an outright payment, but can afford $80 odd a month. To lots of people, a relatively small outlay each month feels more manageable than a larger, cheaper payment. I was extremely surprised at how little savings many people in my cohort had.

  • scrimshaw on 03/03/2017 - 19:58

    Isn't there an app by Commbank which is a game designed to teach kids about saving money?

    https://www.commbank.com.au/about-us/who-we-are/opportunity-…
    https://play.google.com/store/apps/details?id=au.com.cba.sta…

    • Diji1 on 04/03/2017 - 00:07
      +1

      It's designed to make children consumers of Commonwealth Bank products in future. Seems like a great alternative to the 10 minutes it would take the parents to do it - avoid spending time with the kids and leave them with an illogical disposition to using Commonwealth Bank products in the future!

  • captobvious on 03/03/2017 - 22:35

    ATM money comes out of a wall. Best lesson

  • Findo on 03/03/2017 - 22:58

    Now, I'm not the best parent or the best role model, but one of the young ones I regularly look after decided not to look at CommSec or YNAB but found Heart of Vegas exciting. He now knows what a feature is, and can read patterns in 243 ways/20 lines/25 lines and 30 lines. He's also learned to multiply by the pay tables.

    Don't call DOCS on me, I was only joking. But he does find the pokies attractive which is worrying. Is there any way I can lock down certain apps when he uses my phone?

    • jaybmate on 04/03/2017 - 20:22

      Delete your gambling apps?

  • Unbranded on 04/03/2017 - 11:08

    You do realise that Australia uses Decimal currency now, that being dollars and cents. I don't find the name Pennybox relevant or cute. Don't assume that today's generation of kids and their parents get what the reference to Penny is, other than that girl from The Big Bang Theory!

    Surely if you want hits in an app store, you need a more easily searchable name for the app. An app wanting to teach my Australian kids about "pennies" rings alarm bells, so I wouldn't let them access it.

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