Commonwealth Bank of Australia has released a mobile app to help the next generation of Australians develop smart money management skills.
In today’s increasingly cashless society, parents believe online transactions make it harder for kids to learn the value of money, but also agree technology can make it easier to learn how to track savings goals and monitor their spending (42% and 41% respectively), a new CommBank survey has found.
The CommBank Youth app, available for iOS devices, is targeted at five-15 year olds. It lets children check their account balance, and transfer money to and from their transaction account, if they have one.
Kids will be able to create a list of chores on the app, and tick them off when they’ve completed them to earn pocket money. Savings goals can also be set up in order to watch progress against these goals. Parents can monitor all activity on their child’s bank accounts from their CommBank app.
Head of school banking and youth Veronica Howarth says: “Given the prolific use of technology and apps by kids, we saw a need for a tool that enabled parents to teach their children about saving and responsible spending with technology they’re already using.”
Parents will continue to have full visibility of their child’s transactions, the ability to set spending limits, and lock their child’s keycard, she says.