KIT

Research shows that almost half of parents avoid discussions with their children about money*. In 2022, Kit launched with the mission to accelerate the financial capability of young people by providing the tools and knowledge to harness the potential of money. Its engaging brand experience teaches smarter money management along with key financial concepts. However, in an age where children’s digital attention is pulled in countless directions, Kit needed to deliver evidence-based learning that children want to engage with. *Source: YouGov, Survey of over 2,000 parents, guardians and caregivers to children aged 8-17, commissioned by Kit.

Kit’s app is highly visual and interactive, with a kid-first design to create an experience that builds their intrinsic motivation and sense of ownership towards managing their finances. In 2023, Kit took its experience to the next level, introducing gamified learning delivered through ‘Kit Money Quests’. Money Quests invite kids to venture into a vibrant quantum computing-inspired world inside the Kit app, where they play mini-games designed to teach new financial concepts. The Quests walk kids through real-world tasks, such as setting up a savings goal, and authentic scenario-based learning experiences, like identifying scam emails and text messages.

During Kit’s 16-month pilot phase, testing across 4,000 families showed a 3-14% uplift in children’s financial capability in just the first eight months of use. Money Quests are already helping continue to enhance kids’ financial capability, and drive behavioural change. Results show that one week after engaging in learning content and nudges, the number of children who have transferred to a savings Stack increased by over 250% (251%), with the amount of money saved increasing by a similar rate (245%). Since their beta launch in 2022, Kit has now grown to over 58,000 families in Australia.

Kid-first design - Kids can personalise their home screen and the widgets they deem most important to them, e.g. the required jobs to earn that week’s pocket money. These widgets also swish around using the phone’s gyroscope. - Treatments that make it easier for them to understand progress, e.g. animated water levels showing how close they are to reaching their goal, confetti moments when they have completed all their jobs and earned their pocket money. An evidence-based and ‘just-in-time’ approach to building financial capability. - To maximise impact on children’s financial behaviour, Kit also engaged the globally recognised Behavioural Insights Team (BIT) to conduct an independent review of research evidence about digital tools. Features like just-in-time ‘nudges’ and goal visualisation were shown to help drive positive financial behaviours. Gamification through Kit’s Money Quests with an avatar, rewards, quizzes - Children receive cosmetic rewards for their avatar as they complete quests. - Bite-sized education that we call stories, covering topics such as what is investing, or how prices are set, using kid-friendly language, GIF reactions and jokes to drive delight. - A fortnightly quiz also helps kids test their money skills and earn a collectible currency called Winkits used to redeem more avatar items.