Australia’s Commonwealth Bank has rolled out Kit, a money app for kids, via x15ventures – CommBank’s venture arm.
Available in trial mode to 5000 people living in Australia, Kit says the app is designed to “help families have healthy and stress-free money conversations”.
Kit calls itself a “learning-and-earning” money app designed to help school age kids build up their financial capabilities.
Kit offers kids their own account and prepaid cards, with the ability to earn money linked to chores as well as create customisable savings with an animated water level that rises as they reach their goal.
Kids can access money via ATMs and use their card to make purchases, with parental control on their spend limits, merchant blocks and card and PIN protection.
“It’s so important we encourage healthy money conversations. That’s why we’ve made the Kit app highly interactive,” says Yish Koh, managing director at Kit.
“We take an evidence-based approach to money lessons and the impact of Kit will be measured in much more than just pocket money saved.”
Koh says that the trial aims to assess what parents and kids will like, how they will use Kit, and how effective it will be in practical day-to-day situations.
“It’s very much a co-design project to ensure it hits the mark,” Koh adds.