Financial Tools for Parents: Part 3- Teaching Children to Manage Finances

In our 3rd and final part of the series on Financial Tools for Parents, we look at the importance of teaching young children how to manage finances independently. When children realize the value of money and the importance of spending wisely and saving up, parents can breathe easy.

With the aim of promoting financial literacy in children and providing a digital money management tool in the hands of parents; Zimble recently launched its innovative rewards-based pocket money app in Singapore, the first of its kind in the country.

The Zimble app boasts of the following useful features:

  • Digital wallet: ‘Piggy bank’ accounts can be set up for the child to earn, save and spend with, which parents can make one-time and recurring transfers into.
  • Rewards-based tasks: Parents can offer monetary rewards to their children for completing tasks and goals, such as doing the dishes or excelling at school. Children can send photos and videos of completed tasks to their parents.
  • Parental oversight: The linked parent and child accounts allow parents to monitor their children’s financial activities with expenditure limits and real-time notifications. Parents receive notifications and can view their children’s activities in real-time.
  • Saving plans and wishlists: The app allows children to set savings targets and create wish lists of items for parents to fulfil.
  • Giving from wider circles: Invite extended family members and even close friends to contribute towards the child’s rewards and wishes, including birthday presents.

As the intended users are primarily children, the app is engaging and simple to navigate. The app will soon also support Instant messaging allowing family members to interact in real time to share about financial activities and the progress of tasks and goals.

Rewards based App

Zimble app allows children to partake in Singapore Smart Nation’s vision of a cashless society.

Powered by MatchMove in collaboration with Mastercard, the app and prepaid card allow for safe and secure transactions globally where Mastercard is accepted, both online and in-store. To ensure complete safety and security, Zimble has features such as certified chip technology, PIN-protected access and remote locking of accounts and cards provide protection from any potential cyber threats and loss of card, giving parents peace of mind.

“I once struck an agreement with my niece that each time she cleaned my car, I’d give her thirty dollars to save up for her favourite cosmetics, as a way of teaching her about money. The idea hit me: Surely there must be a better way to do this with today’s technology? That’s how Zimble was born.” said Ms. Spaseska, Chief Executive Officer of Zimble.

Zimble offers parents an affordable subscription-based membership to access the app’s features and receive a physical prepaid card (along with an in-app virtual card). Online registration is quick and simple, with home delivery for the prepaid card and a 1-month free trial. Zimble is now available on the App Store or Google Play. Find out more here