Learn math, earn pocket money.
Math for Money is an app that teaches children to earn and save their pocket money using math challenges and savings rewards.
The aim is to encourage kids to develop great money habits by teaching them the value of money from a...
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n early age.
How does it work:
1. Kids complete weekly math challenges to unlock their pocket money
2. Kids choose to cash-out or save to earn extra pocket money
3. Parents receive weekly feedback report to track progress
By incentivizing children to earn and save their pocket money using math challenges and savings rewards, we encourage positive financial behaviour from a young age. Not only does this create a positive savings behavior in children, but it is a means for the parent and child to collaborate in the forming of a positive financial future.
Parents currently pay their children pocket money in exchange for doing chores, or pay for kids items when they ask for them. This can create a number of bad habits for the child since:
1. Pocket money given infrequently and spent on demand creates impulsive and destructive money habits.
2. An allowance should be for learning, not for earning. If you give allowances in exchange for chores, kids expect money in return for their work rather than view it as a contribution to the family.
We instead focus on math because math skills developed in childhood have a high correlation to financial literacy in adulthood (PISA, 2015).