Australia: CommBank Youth app aims to teach kids about money management

CBA has launched a Youth app, which aims to help parents teach their children money management skills and learn the concept of digital money. The app enables kids to login and check their savings account balance, and transfer money to and from their transaction account under their parent’s supervision. Parents can check their children’s banking via their own CommBank app and can set spending limits or lock their children’s eftpos card if necessary. Parents can also provide a list of their children’s chores and kids can tick them off when they’ve been completed to earn pocket money. Kids can also set up personalised savings goals and track their progress.

According the app’s pilot data, most children are logging into the app at least once a week, with girls logging in their account more frequently than boys. The most popular features were tracking their progress towards savings goals and ticking of chores they’ve completed. The gender divide may reflect the fact that females are more likely to be saving with a goal in mind. According to RFi Group data, males are nearly twice as likely as females to say they have no savings goal, at 17% compared to 10%.

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