Capco helps MyBnk with launch of financial education app
Consultancy Capco has teamed up with financial education provider MyBnk to launch a new app teaching children to understand basic elements of personal finance. ‘Money Twist – My Choices’ aims to gamify learning about money with a range of digital challenges aimed at children under 12 years old.
As the social safety nets of leaving economies lay shredded, after more than a decade of austerity, children need to learn about money as early as possible if they are to enjoy a secure economic future. Despite this, a global survey by Penny Hoarder of more than 1,500 adults found that, in 2019, 17% of those who discussed finances growing up have no savings at all. That figure balloons to 40% among those who had no early financial literacy.
Further illustrating the problem, according to the Money Advice Service key attitudes and behaviours towards money start to form at age seven, but in England there is no compulsory financial education in primary schools. One group looking to change that in the UK is MyBnk – a charity that delivers expert-led financial education programmes to 7-25 year olds in UK schools and youth organisations. MyBnk’s expert-led school age programmes aim to build financial capability at key transitional moments, addressing mindsets, attitudes and behaviours to help young people form an understanding of the wider world of money.
Now, the group has added a new digital element to its programme, with the launch of its ‘Money Twist – My Choices’ app. Featuring a range of fun and accessible games and activities aimed at 5-11 year olds, a release from MyBnk says that Money Twist looks to “bring personal finance to the breakfast table.” Among the games on offer by the app are ‘Time Jump’, helping younger people avoid temptation; Savings Sherlock, showing children how to keep track of banking activity; and Ready for School, in which users create their own budget using £150.
Guy Rigden, CEO at MyBnk, said, “We believe that to properly manage your money, you need to start learning about it from an early age to make positive choices in the future. Families are the most important messengers in children’s lives but money is often a taboo subject. This app helps develop the healthy attitudes and behaviours that lay the foundation for future financial capability.”
MyBnk partnered with consulting firm Capco to deliver the app. In developing this new app, Capco’s digital team applied the latest digital thinking and technologies to help young people and their families better understand the cost of living and budget more effectively day-to-day.
Mike Ethelston, UK Managing Partner at Capco, commented, “As a firm that employs a young and diverse workforce, this project really struck a chord within Capco and we are delighted to have played a part in furthering the cause of financial education and inclusion in the UK.”
