With the days of children using money boxes over, Reliance Bank has launched its newest app – Chore Scout – to help younger people save money using technology.
The app, which was launched at Gunthers Lane on Thursday, uses technology to empower parents to start teaching fundamental saving skills to their children.
Reliance Bank CEO Mark Genovese said he wanted parents to take the lead role in educating children when it came to saving.
“The days of giving kids a booklet to start filling in budgets and learning that way is gone. Kids are using phones, apps and technology,” he said.
“What we did is partnered with a company called Moroku, a fintech [financial technology company] out of Sydney.
“They use to gamification techniques to make it fun.”
Parents and children can partner up with each other in terms of their bank accounts.
They can communicate directly with each other through the app.
“When a parent wants a child to do a job – make their bed, mow the lawn – they can communicate that, work out what they’re going to pay them and the child can do the chore,” Mr Genovese said.
“The child can take a photo of the chore and show it’s done.
“The parent has access to the account and transfers funds if it is completed to their satisfaction.
“Children can decide how much they want to save and how much they want to spend with those funds.”
Mr Genovese said it was important that children learn how to save at a young age so that can visualise the idea of saving.
“You start teaching the basic fundamental skills between eight and 13,” he said.
“They’ll have those in place when it comes to those bigger purchases [car and house].”
The app is available for both iPhone and Android and is free. However, to use the app users need an account with Reliance Bank.
App creators Moroku held the Australian launch of Chore Scout in Bathurst.
Mr Genovese also has plan for school visits, to talk to students about the app and saving money.