CBA launches kids banking app
The new CommBank Youth app is the first in Australia to provide kids real-time access to their bank accounts.
CBA has launched the CommBank Youth app in Australia to help parents teach their kids money management skills, and to help kids learn the concept of digital money in a fun, interactive way.
A recent CommBank survey found that nearly 2 in 3 (63%) primary school aged kids receive pocket money regularly, with kids earning on average $9 a week. However despite 44% of kids having their own bank account, only 15% manage their money digitally and most (82%) still keep their cash in a dedicated money jar.
As we move closer to cashless society, the app was designed to teach kids the skills they need to effectively manage their money in a safe, online environment.
“We know Aussie kids are good savers, but in an increasingly cashless society where they are exposed to purchases using digital money it was important to provide a practical solution to help kids learn the value of digital money and make good saving and spending choices,” said head of school banking and youth, Veronica Howarth.
“Given the prolific use of technology and apps by kids, we saw a need for a tool that enabled parents to teach their children about saving and responsible spending with technology they’re already using.”
The app, piloted in 2016, enables kids to login and check their savings account balance, and transfer money to and from their linked transaction account will full parental supervision. Parents can track their child’s banking in their own accounts list via their CommBank app, and have the ability to set spending limits or lock their child’s keycard if needed.
Kids can interact with the app by providing a list of their chores and ticking them off when they’ve completed them to earn pocket money, and can set up personalised savings goals and track their progress.
Kids banking habits revealed through the app pilot data
The app pilot data revealing that more than half of children are logging into the app at least once a week. Girls login more frequently than boys, checking their account at least every two days compared to once every one to two weeks for boys.
The features that were the most popular among the kids using the app were checking their progress towards their personal savings goal and checking off completed chores.
The tops things girls are saving for are a mobile phone / accessories, clothes, shoes and jewellery, while boys are saving for games such as Xbox, Pokemon and Playstation and other toys.