Most people have no idea how money works. Teaching kids about the importance of money at a young age is paramount yet often overlooked by parents and educational institutions. CommBank wants to change that through a new mobile application.
An Intriguing Approach By CommBank
It is good to see the Commonwealth Bank of Australia roll out a new solution to teach kids about money. Named Kit, the application and digital information tool, will help kids manage their earnings, savings, and spending. It offers access to prepaid cards to facilitate physical and online transactions.
Children can earn money with Kit through the “Chores Payday” option. It is a good way for parents to get their children to help out and ensure they are rewarded for their efforts through a monetary incentive. Earned funds can be saved through the “Stacks” feature or accessed via an ATM and the prepaid card. Additionally, the cards will support tap-to-pay for contactless transactions.
Parents will retain control over their kids’ accounts, introducing spending limits and card and PIN protection. Although Kit is currently in a limited pilot program, it will eventually roll out nationwide. The project has been built by CommBank, kids, parents, and caregivers, along with an independent advisory panel of experts in wellbeing and youth mental health.
CommBank Chief Matt Comyn adds:
“Driving digital innovation for our customers is core to our strategy. This is all about reimagining what it means to be a bank, and the ways in which a bank can anticipate and meet customer needs. We seek to be the trusted centre of our customers’ financial lives, using technology to build the best integrated and personalised digital experiences to suit all the ways our customers interact with us.”