Finance Management App

We helped Pennybox develop an innovative finance management app to educate and empower children aged 6 to 16 in money, banking, and finance. The app takes a highly engaging and gamified approach, making learning about finances much easier for kids.

The Customer

Pennybox is an Australian company that focuses on the Financial education of Kids.

The Scenario

For decades, Australian schoolchildren have been learning the basics of banking and saving through the Commonwealth Bank’s Dollarmites program. Our client discovered that the education processes can be improved and more engaging. The client wanted to design an engaging education program that teaches the kids about finance management with real-life training. 

Services Offered

For Pennybox, we offered custom mobile app development services to build an intuitive mobile application. The app teaches kids about money, banking, and finance in a fun, practical, and highly gamified way. It's 'banking with training wheels' for kids aged between 6 and 16, globally. Pennybox uses the traditional 'pocket money' concept as the entry point to engage kids and parents in skills related to money from an early age. Pennybox aims to improve financial literacy by having kids interact with their parents on a daily basis about money. 

finance app for kids

The app has parents list chores on the app and attaches dollar values to them, with kids then completing the tasks and collecting the money into their Pennybox account. Like any bank account, kids can then track how much they have saved, how much they have spent, and how much more they can earn. Kids can also request a cashout, which parents can accept or decline.

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Frequently Asked Questions

What are the key features needed for a finance management app for kids?

Here are some key features that are essential for the app:

  • User-friendly interface: A simple and intuitive interface that is easy for kids to navigate and understand.
  • Account management: Allow kids to create and manage their accounts, including setting savings goals, tracking their expenses, and viewing their account balances.
  • Financial education: Provide interactive modules and educational content to teach kids about money management, saving, budgeting, and financial concepts.
  • Chore tracking: Enable kids to track their chores and assign values to them, helping them understand the relationship between work, earning, and saving.
  • Goal setting: Allow kids to set short-term and long-term financial goals, encouraging them to save and work towards achieving them.
  • Allowance management: Provide a virtual allowance system where parents can allocate and distribute virtual money to kids, simulating real-life pocket money.
  • Saving and spending tracking: Help kids track their savings and spending habits by providing visual representations and progress indicators to reinforce positive financial behaviors.
  • Rewards and incentives: Incorporate a rewards system to motivate kids to achieve their financial goals and complete educational activities.
  • Parental controls: Include features that allow parents to monitor and manage their child's financial activities, set spending limits, and control app usage.
  • Gamification: Integrate game-like elements, such as badges, levels, and challenges, to make the learning experience more enjoyable and interactive for kids.
  • Security measures: Implement robust security measures to protect user data and ensure a safe environment for young users.

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Highlights

IOS, Android Apps

Integrated Payment Gateways

Custom UI/UX Design for minors

Scalable Architecture

Technologies Used