A new financial literacy app from wealth software platform myprosperity is aimed at helping advisers bridge the generational gap that currently exists in household finances.
The Kwidz app introduces children, aged eight and up, to the key concepts of personal finance, helping them set savings goals, view spending and track success, according to a statement.
According to myprosperity, kids can sync their bank account, track transactions, playfully customise their profile picture and the app’s theme, all while learning the basics of money management, while parents can allocate chores and work with their children to set savings goals via the wealth management portal so managing finances can become a family affair.
Myprosperity chief executive Stephen Jäckel said the app provides advisers with a tool to attract, educate and retain the next generation of clients as they take a whole-of-wealth approach to each household they service
“Australian households are under mounting financial pressure with the climbing costs of living and slow wage growth,” Mr Jäckel said.
“By teaching our children the value of money and strong money management skills early on, we can start to improve the prospects of the entire economy.
“Encouraging families to work with financial advisers and start to be proactive with their wealth position can also help set us up for future economic growth and enable advisers to expand their practices.”