Currently, financial literacy is one of the most essential skills for future generations and needs to be taught young. Only about 60% of Canada has scored high on a survey about financial knowledge and literacy according to Statistics Canada. Growing up, we were also not taught much about finances and would have appreciated more resources to prepare us for the future. With the lack of resources online for teaching young children financial literacy, we decided to make an app to help tackle this problem and create a generation of kids that have learned responsible money practices through an easy-to-use application.
What it does
Meet kidspend, a financial literacy application that helps teach children about money and the importance of saving. Children will be able to access different features in the application to increase their financial knowledge. These features include:
Financial Knowledge:children can learn about several financial topics, such as spending plans, saving and investing and budgeting as well as engage in small activities.
Learn about Currency:children can use AR technology to learn more about currency in an exciting way!
Quizzes:children can quiz themselves on the knowledge that they gain from the features of this application so that they can continuously learn about finance
Chores:parents can easily schedule when their child's chores should be done by and also the monetary value attached with that chore. This provides them with a sense of responsibility and also allows them to practice what they have been learning through the app.
Wallet:this feature allows children to keep track of their money and gain insight of how much money they earn from completing their chores throughout the week.
Profile:the more quizzes that the child completes, the more points they will accumulate, and this will increase their rank on the leaderboard. This feature will motivate the child to complete as many quizzes as possible while also gaining knowledge about financial literacy. There is also a money management section in the “profile” section where the child can set a goal for something they are saving for, and keep track of how much money is required to reach that goal.
How we built it
Challenges we ran into
Having all of our features work in the given timeframe was a challenge but we were able to accomplish a majority of our features!
Accomplishments that we're proud of
We are proud to create an application that can help improve our world and make an impact on the lives of others. Children are the future, and a financially literate population means a better future for everyone. We were also able to make many of the features we originally set out to such as the scheduled chores and the echoAR virtual currency feature.
We learned more about
Through this experience, we learned how to use A/R technologies and a calendar API in order to make our application function to the best of its ability. We now know how to split our tasks and manage our time to make a well-functioning application in a short amount of time. While we were completing, we were also learning and we hope that we can use the knowledge gained through this competition to help us in the future.
What's next for KidSpend
We hope to include more features in the future such as a way for kids to keep track of all their chores through a to-do checklist. We also hope to talk to real parents and children to see what improvements and features they hope to see on the application as they are our main users! :)