The creative arm of core banking vendor Thought Machine has joined forces with game developer Glitchers to build an app that teaches kids money management skills.
The app, called Nestlums, promises to provide money training for young children through a character-driven, gamified experience - without connecting to a bank account or touching any real money.
In the app, ‘Nestlum’ characters encourage kids to earn virtual currencies through the successful completion of real life tasks, set by parents. Upon completion, children can then go on to manage, save and spend their earnings.
There are two virtual currencies: ‘Gems’, which let kids unlock and play games within the app, and ‘Coins’ which represent a tally of real world money that can be honoured by parents as actual pocket money outside of the app.
Wayne Travis, creative director, Cauldron, says: “We know that getting to grips with money can be hard for kids, especially as it becomes increasingly less visible in the modern world. My seven year old daughter barely has a clue what’s going on when I tap my card in a shop!
“With the growing prevalence of virtual currencies and the rise of the dreaded in-app purchase, we wanted to reinforce the idea of earning money honestly, appreciating the value of money even if you can’t see it or touch it, and not blowing it recklessly.”
Read Finextra's new deep dive into the world of financial apps for kids