Money management app for kids
Dibs — Money
Dibs is a project done as a student work at Aalto University working around the "Mind Your Money" brief from 2016-2017 RSA Student Design Awards.
Financial education is not integrated into our school systems, and even within families not talked about enough. The app is a part of a service intended to improve financial literacy in younger generation by introducing money management to kids through learning by doing.
Parents and children can open joint bank accounts and use Dibs to manage monthly allowances.
We focus our target group to 12-18 y.o as after interviewing some parents, we got the insight that this is when kids' wants start getting complex.
To use the app, kids need to categorize their spendings into wants, needs and goals — This is an exercise to help them understand budgeting.
Allowing kids to create their own goals is a way of getting them to be more in control of their spendings. It would make them feel more capable, and also the ability to have shared goals with friends or siblings makes saving more fun.
We conducted a workshop that simulated our service using paper prototypes with parents and kids.
For the workshop, we got the kids to map out the things they want to buy at different stages in life, and similarly asked the parents to map out what they think their kids should buy at different ages.
The results opened up a discussion between parents and kids, and gave us valuable insights to make adjustments to our app prototype for our final presentation in front of the judges in London.