Meet Kit: A New Money Mastering App for Kids
Branded an “earning-and-learning money app for kids”, Kit is a money-mastering app for children that promotes mindful spending—helping you raise financially-savvy kids from the get-go.
Kit comes with a digital and physical prepaid card available in-app, and offers plenty of prompts and explainers so that money lessons are consistently being learned, and are top-of-mind along the way. Basically, it's a one-stop-shop solution for families who want to ensure their kids are equipped and empowered with the knowledge and tools to make positive financial choices as they go through life. Sign us up!
So how was Kit born, we hear you ask? Well!
Kit commissioned YouGov to survey over 2000 parents, guardians, and caregivers of children aged 8-17—in order to understand if and how parents are equipping their children with the necessary tools to be financially capable as they grow.
To say that the results were alarming is no understatement. According to the survey, half of the parents (52 percent) claim their kid’s financial literacy and capability are average, poor, or terrible.
Furthermore, over half of parents claim their child’s attitudes to money need to improve across the board, on how to budget, how to save, what spending to prioritise, and understanding the value of earning money through work or chores. Phew! And the icing on the cake? A whopping 48 percent of parents actively avoid discussions with their children on financial topics.
While these results aren’t overwhelmingly encouraging, it’s important to note the context of Kit’s emergence—and why it’s such an important tool in raising financially capable and confident children!
How Does Kit Work?
Kit is about building financial capability and resilience, whilst giving both autonomy to the child and confidence to the parents.
With their own Kit Account and prepaid cards, kids are able to manage their own earnings, saving and spending, and then in ‘Boss Mode’, parents have access to a range of customisable controls that can be tailored to multiple children in the family.
With Kit, kids can do it all—earn, save, spend and learn, all in one app.
Features We Love
- Explore what the app can do with play money in the Practice Playground
- Set up regular transfers of pocket money that can be connected to jobs around the house
- Create savings stacks to meet their goals
- Use a physical card and virtual account to spend and track spending, with a spending limit of $999 per day
- Learn lots of valuable lessons about money along the way and enjoy lots of features that drive positive financial behaviours like goal visualisation
- Peace of mind for parents, Kit offers visibility over your child's financial habits including real-time notifications
Erin, a mother of three, says that Kit has had a positive impact on creating an open dialogue about money within the family: "With Kit, we're having more conversations around money. Rather than sporadic opportunities, because [the kids] are using it weekly, we can have more conversations."
Nine-year-old Lola says "I like doing jobs because it's an opportunity to get money, but I'm looking forward to it more because I have my own card."
Positive reviews all 'round, we're sure you'll agree.
Try it for yourself - download Kit for free!
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