South Africa-based Standard Bank has gone ahead and launched a banking app for kids whose parents want to make it a point to teach their children about how to handle and manage money.
Targeted towards children between the ages of six and 11, this banking app is designed to explain fundamental concepts of money management such as earning, saving and spending using language that analogies that are easy to understand. The app uses different animals to represent different aspects of and approaches to money.
Considering that financial literacy among young adults is notoriously low in South Africa, the introduction of a banking app for kids looks to be a fantastic way to prepare the next generation for adult life by arming them with basic knowledge about money that they can build on.
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