It Knows: Changing the way we teach kids about money
This post is the first in our series looking at some of our clients, past and present, and how their innovations changed and are changing their industries. In this post, we will be looking at It Knows and their GetRewardz App, which helped children and families valuable lessons about the value of money, money management and negotiation tactics.
Growing up, “pocket money” tends to be our first experience of having and managing money. While “pocket money” seems trivial to us now, learning about the value of money and having good financial sense are essential life skills that need to be used throughout our lives. A recent study, however, shows that the majority of children now don’t have to actually earn their pocket money, with 85% of children given pocket money without working for it. This trend has raised concern amongst parents, with 37% of parents being highly concerned about their child’s ability to manage money once they become financially independent. Children in the new generation are generally growing up without understanding the value of money and the concept of working for and earning money.
It Knows, through their GetRewardz app, provided an online platform that allowed parents to set and track tasks and chores for their children, and rewarded them with points for tasks completed. Unlike any other app, GetRewardz fostered one-to-one communication and encourages discussion on tasks, timelines and the negotiation process through a closed social media platform. When tasks are completed, children acquired money in the form of points, which was used to purchase products from Amazon within the app and are able to share their accomplishments with the world via their social media accounts.
The GetRewardz system innovated the way in which we educate the next generations on the value of money and the process of earning it. The integration of the Amazon online shopping service gave children a tangible and real experience of what their work can earn them, while the closed social platform that connected children and parents meant that children are able to gain experience discussing tasks and deadlines as well as learning about and gaining negotiation skills.
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