Latest / Dr Justin Coulson's Happy Families / #549 Making Cents of Money With Yish Koh

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#549 Making Cents of Money With Yish Koh · Dr Justin Coulson's Happy Families

0:03
Speaker 1: It's the Happy Families Podcast. It's the podcast for the
0:07
Speaker 1: time poor parent who just wants answers.
0:10
Speaker 2: Now, good day, this stops. Justin Colson, Welcome to the
0:12
Speaker 2: Happy Families Podcast. Today a special guest having a chat about.
0:15
Speaker 1: Kids and cash.
0:18
Speaker 2: That's right, children and money. How do they manage it
0:20
Speaker 2: or how do they mismanage it? What are they doing
0:22
Speaker 2: with their dollars that we give them their hard earned
0:25
Speaker 2: pocket money, their birthday money, their Christmas money. Yesh Co
0:29
Speaker 2: is the MD, the managing director of a new app
0:32
Speaker 2: that's called kit k I Kit and Yes, joins me
0:36
Speaker 2: now to talk about kids, money and the app. By
0:39
Speaker 2: the way, I will mention this is not a sponsored podcast.
0:42
Speaker 2: I came across yesh through a mutual friend saw some
0:45
Speaker 2: of the data that had been collected by kit and
0:49
Speaker 2: the things that they're doing with the app. I thought
0:52
Speaker 2: parents need to know about this, so hashtag not sponsored.
0:55
Speaker 2: Yesh thanks for joining me on the Happy Families Podcast.
0:57
Speaker 2: It's great to have you here.
0:58
Speaker 3: Thanks for harvary. Justin.
1:00
Speaker 2: So parents need to teach their kids about money. You've
1:02
Speaker 2: done a survey and found that a lot of kids
1:05
Speaker 2: think that the most effective way to teach kids about
1:08
Speaker 2: money is through standardized lessons at school. That surprised me.
1:12
Speaker 2: Tell me about the percentage of parents that were going
1:15
Speaker 2: in that direction and why you think that's important and
1:18
Speaker 2: do you reckon that they're on the ball there or
1:20
Speaker 2: do you think the parents should be doing it.
1:22
Speaker 3: So sixty one percent of parents that we surveyed, and
1:24
Speaker 3: there were two thousand parents that we surveyed across Australia
1:28
Speaker 3: so that they thought that schools are best faced for
1:30
Speaker 3: kids to learn about money. And I agree that schools
1:33
Speaker 3: are a very important place to learn about what we
1:35
Speaker 3: call financial literacy, which is the knowledge and concepts when
1:38
Speaker 3: it comes to money. But there's much more to being
1:41
Speaker 3: good at money than just financial literacy. We talk about
1:44
Speaker 3: financial capability, which encompasses things like the values you have
1:48
Speaker 3: around money, positive money mindsets and behaviors. And parents actually
1:53
Speaker 3: play a really strong role, not just in role modeling,
1:56
Speaker 3: but also talking to their kids about money so that
1:59
Speaker 3: they do have those skills when they're in everyday money
2:03
Speaker 3: moments like it's a supermarket or when they're buying lollies
2:05
Speaker 3: or things that they might be saving for. So you know,
2:08
Speaker 3: it has to be both.
2:09
Speaker 2: I don't think that I learned very much about money
2:11
Speaker 2: until I had money and then started spending it all
2:14
Speaker 2: and realized that I didn't have any money again, And
2:16
Speaker 2: that wasn't necessarily when I was at the touch shop
2:19
Speaker 2: spending money on my twenty cents worth of eucalyptus drops.
2:21
Speaker 1: And my meat pie. Do you reckon that?
2:24
Speaker 2: It's one of those things so that no matter how
2:25
Speaker 2: much you talk about money, the kids eventually have to
2:28
Speaker 2: go and live it and experience it.
2:30
Speaker 3: Absolutely nothing is teaches kids faster about money than spending
2:34
Speaker 3: all their pocket money and wanting something and realizing they
2:36
Speaker 3: don't have enough to teach them to save. So no,
2:39
Speaker 3: I agree, it's not just talking about money. Talking is
2:42
Speaker 3: very important and financial socialization. Talking about money is a
2:45
Speaker 3: key indicator financial capability. The other side of it is
2:49
Speaker 3: having hands on experience and kids being able to make
2:51
Speaker 3: their own decisions. And I think sometimes parents are afraid
2:54
Speaker 3: of worrying their children because they don't want them to
2:57
Speaker 3: have to deal with money. You know, they're young and
2:59
Speaker 3: want to have fun, and then yes, you can do that,
3:01
Speaker 3: but you can also do in a really controlled way,
3:04
Speaker 3: so you know, the giving of pocket money and getting
3:06
Speaker 3: them to earn money through chores ways that kids can understand, Yes,
3:10
Speaker 3: money's not free, You've got to do things to earn money.
3:13
Speaker 3: And then the decision they make about money, You know,
3:15
Speaker 3: the idea that if you want something, actually, why don't
3:18
Speaker 3: you earn it? Or why don't you save up for
3:20
Speaker 3: it so that you can then buy it? And how
3:22
Speaker 3: amazing that is to be able to delay gratification and
3:25
Speaker 3: then get something that you really wanted.
3:27
Speaker 2: It's so funny that you use those two words. I
3:29
Speaker 2: was literally about to say delayed gratification. It's such a
3:32
Speaker 2: challenge for so many kids. I want to talk to
3:34
Speaker 2: you about something specific that came up in your research. So,
3:37
Speaker 2: as you said, two thousand Australian parents, you found that
3:40
Speaker 2: fourteen hundred of them, more than in fact, more than that,
3:43
Speaker 2: more than seven in ten are concerned about the impact
3:47
Speaker 2: that online games are having on their kids' money behavior.
3:51
Speaker 2: But about half of parents are actively avoiding having conversations with.
3:56
Speaker 1: Kids about money.
3:58
Speaker 2: Can we unpack that a little bit because there's so
4:00
Speaker 2: much there that we could talk about.
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Speaker 3: Oh, yes, and online games are I think they're very
4:05
Speaker 3: dangerous because you know, as millennial parents sort of parents
4:09
Speaker 3: of young children are millennials, and they play games growing up.
4:12
Speaker 3: You know, you know, we'll PlayStation and maybe you go
4:14
Speaker 3: to the store and you buy PlayStation game. But the
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Speaker 3: world of online gaming today is actually very different and
4:19
Speaker 3: much more dangerous in some So you know, you have
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Speaker 3: games where kids can spend money within the game, so
4:25
Speaker 3: enop spending. And then you have skins and things that
4:29
Speaker 3: kids are marketed to within the games. You know, there'll
4:31
Speaker 3: be sales saying, you know, don't miss out on this
4:33
Speaker 3: laterst drop. You don't buy this now, you know it
4:36
Speaker 3: won't be this price forever. So all these marketing tactics,
4:41
Speaker 3: kids aren't really being protected against when it comes to
4:44
Speaker 3: online gaming. So I'm not surprised that seven out of
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Speaker 3: ten parents are really worried about it, particularly when it's
4:50
Speaker 3: online as well. And you no longer have that tangible
4:54
Speaker 3: link between here's money and I'm handing it over to
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Speaker 3: buy something, but actually they're just clicking and then some way,
5:00
Speaker 3: you know, on the parent's credit card or something, money
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Speaker 3: is just being deducted and the kids don't necessarily have
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Speaker 3: that link that actually it's real money being spent.
5:07
Speaker 2: Yeah, and because it's not their money anyway, there's even
5:10
Speaker 2: more distance between them and the money.
5:13
Speaker 1: I had a funny experience.
5:14
Speaker 2: When I bought a meal just in the last couple
5:17
Speaker 2: of days. For whatever reason, I decided to pay cash
5:19
Speaker 2: instead of tapping my card. I can't remember the last
5:21
Speaker 2: time I used cash for anything, but I opened my
5:23
Speaker 2: wallet and saw this cash that had literally been there
5:25
Speaker 2: for I reckon about six months.
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Speaker 1: I thought, oh, I might just spend the cash.
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Speaker 2: The lady held the machine out for me to tap
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Speaker 2: my fifty dollar note on the top of the machine.
5:35
Speaker 2: Like it didn't click with her that I was actually
5:37
Speaker 2: giving her a pineapple, a little sort of golden colored
5:41
Speaker 2: fifty rather than tapping my card. It was such a
5:43
Speaker 2: bizarre thing because we're so in the habit of now
5:47
Speaker 2: not really dealing with money, but just dealing with bits
5:50
Speaker 2: and buy its with the computerized elements that transfer money
5:55
Speaker 2: without us ever touching it. Our kids are not experiencing
5:58
Speaker 2: money the same way that we used to. And I
6:01
Speaker 2: guess the other thing that stands out to me when
6:03
Speaker 2: you're talking about what's happening with the online gaming is gambling.
6:08
Speaker 2: We know now that our kids, because they've got access
6:10
Speaker 2: to our credit cards, they're connected to all of our
6:12
Speaker 2: devices and that sort of thing. We know that online
6:15
Speaker 2: gambling is becoming a bigger and bigger issue, right.
6:18
Speaker 3: Yes, And it's not just sort of gambling in the
6:21
Speaker 3: sense of they are children are having access to gambling,
6:24
Speaker 3: but also in online gage themselves. You pay your money,
6:27
Speaker 3: but you don't necessarily know what's going to be inside.
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Speaker 3: You have a chance of something that's really valuable, and
6:31
Speaker 3: so that sort of invariable reward actually you know, works
6:34
Speaker 3: from the addiction centers of the brain, and so you know,
6:37
Speaker 3: it's one thing for a parent and a slot machine
6:39
Speaker 3: and an adult sort but when you're talking about kids
6:42
Speaker 3: being exposed to exactly those same mechanisms, it can be
6:45
Speaker 3: really dangerous and addictive. And trying to explain to them
6:47
Speaker 3: that to kids that this is something that they're trying
6:52
Speaker 3: to trick you into buying more and more again and again.
6:55
Speaker 1: Yesh.
6:56
Speaker 2: Another question for you in relation to kids and money.
7:00
Speaker 2: In your survey, did you ask parents whether they feel
7:03
Speaker 2: like they're equipped well equipped to teach their children about
7:08
Speaker 2: how money works, both in real life and in the
7:11
Speaker 2: I mean, the online world is still real life, but
7:12
Speaker 2: you know what I mean, in the virtual world and
7:14
Speaker 2: in the real world, do parents feel like they're across it,
7:17
Speaker 2: they feel like they've got enough knowledge to really effectively
7:19
Speaker 2: teach their kids to grow their money sense.
7:23
Speaker 3: Yeah. So, you know, more than half parents that we
7:26
Speaker 3: surveyed said that they teach their children of money based
7:29
Speaker 3: on their own knowledge, but pretty much all of them
7:32
Speaker 3: with thirty two percent, so that they could use help
7:34
Speaker 3: from other sources. And this is particularly this case for
7:40
Speaker 3: the sort of online and cashist society that parents just
7:43
Speaker 3: when we just didn't grow up in a world of
7:45
Speaker 3: money that was like that.
7:46
Speaker 2: After break, I want to ask you a couple of
7:48
Speaker 2: questions about what parents can do to help their kids
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Speaker 2: to be better educated about money because it is such
7:53
Speaker 2: a challenging topic and there are so many different ways
7:56
Speaker 2: that we can go about this. I know we've talked
7:58
Speaker 2: about it previously on the Happy Families podcast, but I've
8:00
Speaker 2: got a couple.
8:00
Speaker 1: Of specific questions for you.
8:02
Speaker 2: Yesh Yeshko is the managing director of a new app
8:04
Speaker 2: called kit It's a money app for kids. This is
8:07
Speaker 2: a not sponsored conversation about kids and money and what
8:10
Speaker 2: they're doing online.
8:12
Speaker 1: Back right off the break.
8:17
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8:20
Speaker 2: be a little worrying. The Starting School Activity Book is
8:23
Speaker 2: a printable workbook that will help prepare your little one
8:26
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8:29
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8:31
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8:35
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8:39
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8:41
Speaker 1: It's the Happy Families.
8:42
Speaker 2: Podcast, the podcast for the type of parent who just
8:44
Speaker 2: wants answers. Now, I think we need to get to
8:46
Speaker 2: some answers. Ishko is the managing director of a new
8:49
Speaker 2: app called kit That's k.
8:52
Speaker 1: Yesh.
8:52
Speaker 2: I'm really enjoying our conversation. I want to talk about
8:56
Speaker 2: how parents can help their kids to become more money literate.
9:00
Speaker 2: You've done all this research, You've got a couple of
9:01
Speaker 2: thousand parents who are giving you their information. When you
9:06
Speaker 2: sifted through all the data, what were the key points
9:08
Speaker 2: that stood out for you? If parents want their kids
9:11
Speaker 2: to become more money literate, what would you point them towards?
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Speaker 3: So I put them towards sort of three different things.
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Speaker 3: So the first one is it is really important to
9:20
Speaker 3: talk about money. You know, more than almost half of
9:23
Speaker 3: parents are avoiding talking to their kids about money, and
9:26
Speaker 3: you know, usually because they don't want to worry their
9:28
Speaker 3: kids about money, or they feel that they themselves aren't
9:30
Speaker 3: great about money. But you don't have to talk about
9:33
Speaker 3: it in a way that will worry your kids. You know,
9:35
Speaker 3: you talk about things like the fact that you work
9:38
Speaker 3: to earn money, talk about the importance of saving things
9:41
Speaker 3: you might be saving for, how you make decisions on
9:44
Speaker 3: what to buy, and even things like you know, superannuation
9:48
Speaker 3: or the cost of living. You can talk about it
9:51
Speaker 3: in generic terms without going into the specifics to worry
9:54
Speaker 3: your kids about what specifically is happening.
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Speaker 2: Yes, I want to pick up on that because there's
9:58
Speaker 2: this sense when when somebody says you need to talk
10:01
Speaker 2: to your kids about money, talk about your own financial situation.
10:04
Speaker 2: A lot of parents are like, I don't want to
10:05
Speaker 2: tell the kids how much I'm earning. I don't want
10:07
Speaker 2: them to go and tell the neighbors or their friends
10:09
Speaker 2: or all these other people. I don't want the schools
10:10
Speaker 2: each other find out how much I'm earning. But that's
10:13
Speaker 2: not really what you're saying. We do an activity with
10:16
Speaker 2: our kids every few months where we print up the
10:18
Speaker 2: credit card statement and we.
10:20
Speaker 1: Actually go through it.
10:20
Speaker 2: Well, actually we have a debit card, but credit card
10:22
Speaker 2: debit card whatever, the same principle that is, I'm using
10:25
Speaker 2: a card for all of my purchases because I get
10:28
Speaker 2: my outline points when I do that, right. But we
10:30
Speaker 2: sit down with the kids and we go through line
10:33
Speaker 2: by line and categorize what our expenses are. So there's fuel,
10:37
Speaker 2: and there's food, and there's schooling, and there's clothing, and
10:40
Speaker 2: there's haircuts and blah blah blah blah blah. And we
10:42
Speaker 2: do that for every month or every couple of months
10:45
Speaker 2: so that the kids can see where the money goes.
10:48
Speaker 2: And then we'll ask them who's getting most of our
10:51
Speaker 2: money and how do you feel about the money going there?
10:54
Speaker 2: And how much money are we spending on on our
10:57
Speaker 2: Indian and our tie when we buy out? How much
11:00
Speaker 2: money coals and woolies getting every fortnight from us? So
11:03
Speaker 2: we're giving coals and woolies too much money? Are we
11:05
Speaker 2: traveling too much? How much are we spending on fuel?
11:08
Speaker 2: Is that okay to spend that much money every single week?
11:11
Speaker 2: And we're teaching them how to divide it so you
11:12
Speaker 2: can work out what it is per week, and then
11:14
Speaker 2: times are by fifty two so you can work out
11:16
Speaker 2: what it is annually. And it's those conversations talking about
11:21
Speaker 2: what we're spending our money on and how we're making
11:23
Speaker 2: those decisions. We review our subscriptions regularly, so we'll say
11:27
Speaker 2: how much are we using Netflix? Do we really watch Disney?
11:31
Speaker 2: How important is it that we have the Spotify subscription?
11:34
Speaker 2: Should we go and get this new one that's just
11:35
Speaker 2: come out that everyone's talking about? How important is TV?
11:39
Speaker 2: We recently had one about Foxtel. My parents came to
11:43
Speaker 2: stay for a couple of nights, and my dad loves
11:45
Speaker 2: his footy, and so we got the free trial of Foxtel.
11:49
Speaker 2: I think it's like a ten day free trial. And
11:51
Speaker 2: I sat down with the kids and I said, okay,
11:53
Speaker 2: Foxtel costs. I think it was I don't know, seventy
11:56
Speaker 2: bucks a month or something, or if you have the
11:58
Speaker 2: full package, it's one hundred and ten dollars month. And
12:00
Speaker 2: I said, is it worth one hundred and ten bucks
12:03
Speaker 2: to have Foxtail? And they didn't even ask what's on Fox?
12:06
Speaker 2: Till they just looked around and said, oh, that's a
12:08
Speaker 2: lot of money. Because they know that Netflix, because we've
12:09
Speaker 2: had these conversations, they know that our Netflix subscription is
12:13
Speaker 2: less than twenty bucks a month and they're going, foxtail
12:15
Speaker 2: is not five times better, We're not willing to pay that.
12:18
Speaker 2: By the way, Foxtel, I hope they're not listening.
12:20
Speaker 1: To his podcast. They're now I'm going to advertise with
12:23
Speaker 1: us after that.
12:24
Speaker 2: But but you know, I think when you say talk
12:26
Speaker 2: about money, sometimes parents will say, oh, no, I'm not
12:29
Speaker 2: going to have those conversations.
12:30
Speaker 3: Really interesting we had around Easter one of our colleagues
12:35
Speaker 3: had a young son, and we rats and testing with kids,
12:38
Speaker 3: and we asked, kids, you know, what are your parents'
12:41
Speaker 3: attitude towards money, And there was a hilarious nine year
12:43
Speaker 3: old who said, you know, my parents just dishout. They
12:46
Speaker 3: just spend on everything, you know, just like this, and
12:49
Speaker 3: the parents podby. She said, we just went to the
12:51
Speaker 3: Easter game, to the Easter show, and we had budgeted
12:55
Speaker 3: that the kid would be allowed one toy and like
12:58
Speaker 3: one showbag, and you know, they they've actually told him
13:01
Speaker 3: that they had budgeted that in their mind, and so
13:04
Speaker 3: in his mind he was like, I just got whatever
13:06
Speaker 3: I wanted. And so there was actually a really interesting
13:09
Speaker 3: learning point for their parents. They said, actually, from now on,
13:11
Speaker 3: like now that we've heard our kids say that these
13:13
Speaker 3: things that we just spend money really nearly that we're
13:15
Speaker 3: going to talk to them about, like why we set
13:17
Speaker 3: a budget upfront and what the rationale was.
13:20
Speaker 2: I love that insight. That's so great, and like you said,
13:23
Speaker 2: a couple of other things, I just want to draw
13:24
Speaker 2: them out. I drob them down here. You said, talk
13:28
Speaker 2: about what you're saving for. So the Easter show is
13:30
Speaker 2: a perfect example of that, right or whatever the holiday
13:32
Speaker 2: that's coming up. How much money do we want to
13:34
Speaker 2: have as spending money when we go away for this weekend?
13:37
Speaker 2: What are we going to spend our money on? So
13:39
Speaker 2: the kids know that there's a budget, that there's an
13:41
Speaker 2: intention to spend, but it's going to be limited to X,
13:44
Speaker 2: Y and z. As those money conversations that teach them
13:47
Speaker 2: to be money literate, and the one that we've started
13:49
Speaker 2: with our kids because housing affordability is such a big issue,
13:53
Speaker 2: we're talking to our kids from twelve and up about
13:55
Speaker 2: saving up for their first house so that they actually
14:00
Speaker 2: got this big picture goal in mind, and that what
14:02
Speaker 2: we're seeing is that our young kids, like twelve and fifteen,
14:07
Speaker 2: they're making money decisions now with a house in mind,
14:11
Speaker 2: or a unit in mind or something like that.
14:13
Speaker 1: I don't know.
14:14
Speaker 2: They'll never save for a unit based on the amount
14:17
Speaker 2: of pocket money I give them. I mean they get
14:19
Speaker 2: like ten bucks a week, and if they get a
14:20
Speaker 2: part time job, it's not going to be that much either.
14:22
Speaker 2: But they're putting the money away with a recognition that
14:25
Speaker 2: if they want to have the house, they're going to
14:28
Speaker 2: have to save their backsides off. So hint number one,
14:31
Speaker 2: talk about money.
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Speaker 1: I love that. Now you said there were three, what
14:34
Speaker 1: are the next two?
14:35
Speaker 3: So number two is give your children hands on experience
14:38
Speaker 3: with the money. So let them make their own decisions
14:40
Speaker 3: about money, obviously in a controlled way, so you know,
14:42
Speaker 3: giving pocket money. I think the average from our survey
14:45
Speaker 3: that Australian kids are getting these days is twelve dollars
14:48
Speaker 3: a week. Just let them spend that money however they
14:51
Speaker 3: want to spend that money. Allow them to make mistakes.
14:54
Speaker 4: That is how they'll earn.
14:55
Speaker 3: So it's much better they waste, you know, the twenty
14:57
Speaker 3: dollars on lollies and then realize that it's that they
15:00
Speaker 3: wanted to buy this toy. Now they don't have anything
15:03
Speaker 3: that they do that now, then have like a five
15:06
Speaker 3: thousand dollar credit card, get down the track. It's really
15:09
Speaker 3: interesting how they will then teach themselves, and you, as
15:12
Speaker 3: a parent don't have to be the bad guy and
15:14
Speaker 3: say no. So one of somebody I know gave us
15:18
Speaker 3: David the anecdote that you know, his kid went and
15:20
Speaker 3: spent all his money on jelly beans, and they were
15:25
Speaker 3: in kmart, and the kid wanted to buy this twenty
15:27
Speaker 3: dollars toy and get nothing left of his pocket money.
15:31
Speaker 3: And the next day the kid, actually, I'm prompted, said
15:35
Speaker 3: to his dad, you know, I really regret buying all
15:38
Speaker 3: those lollies. I think next time, before I make a
15:41
Speaker 3: purchase like that, I'll wait for twenty four hours and
15:44
Speaker 3: think about it if I really want to buy it.
15:45
Speaker 3: And this is with no pumpting from the parent whatsoever.
15:48
Speaker 3: Like the fact that the kid had understood the consequences
15:51
Speaker 3: and thought about how to prevent that from happening in
15:53
Speaker 3: the future taught him everything with that parent needed to be.
15:56
Speaker 4: The bad guy.
15:57
Speaker 1: Yeah, I really like that.
15:59
Speaker 2: Of course, we need to courage your kids and give
16:01
Speaker 2: them something to save for and look forward to things.
16:04
Speaker 1: But letting the kids have the learning can be so powerful.
16:08
Speaker 1: What's the last one?
16:09
Speaker 3: And the last one is about looking for ways to
16:12
Speaker 3: collaborate with your child to find win with I love
16:14
Speaker 3: that you show your credit card statement your kids. I
16:16
Speaker 3: think it won't be too long till you can ask
16:18
Speaker 3: them to buy your better deal and your electricity and
16:20
Speaker 3: to put the savings.
16:21
Speaker 1: So nice idea. I like that.
16:24
Speaker 4: Yeah, but yeah, collaborate with them so you know, if
16:28
Speaker 4: you have a holiday that you are going on, if
16:31
Speaker 4: you are saving up for a family holiday, can you
16:33
Speaker 4: get them to save up for something that they might
16:34
Speaker 4: want to buy when they're on the.
16:36
Speaker 3: Holiday as well, so that you're doing something together as
16:38
Speaker 3: a family. You know, have you got things lying around
16:42
Speaker 3: that you could sell on Facebook marketplace and you know
16:46
Speaker 3: maybe they can take the charge and then you know,
16:48
Speaker 3: take a bit of a fee for that. So finals
16:51
Speaker 3: and ways that can make your life easier. But teach
16:54
Speaker 3: them about money and give them the opportunity to earn
16:56
Speaker 3: a little bit as well.
16:57
Speaker 1: I love it.
16:58
Speaker 2: What a great conversation. Tell us a little bit about KIT.
17:00
Speaker 2: Since you've been so kind sharing all of these great
17:03
Speaker 2: money tips for parents and kids. What is this money
17:06
Speaker 2: up for kids?
17:06
Speaker 1: What is KIT?
17:08
Speaker 3: So? Kit is a money up for kids. It is
17:12
Speaker 3: designed because we're now in a world where we're going
17:16
Speaker 3: cashless and so money and payments are becoming invisible. So
17:20
Speaker 3: Kit is all about, in this new world of digital money,
17:23
Speaker 3: making money visible for kids and helping them to have
17:27
Speaker 3: an experience for kids that feels like it's for them.
17:30
Speaker 3: It gives them that level of autonomy, but where parents
17:34
Speaker 3: have oversight control. So with the Kit account, it comes
17:37
Speaker 3: with a prepaid card. Kids can own pocket money by
17:40
Speaker 3: doing chores. It's linked to a bank account of parents
17:43
Speaker 3: that's up when they set up the account. They can
17:46
Speaker 3: save their money, set their goals. It's all customizable with stickers,
17:49
Speaker 3: and it's highly visual so that kids can understand it.
17:52
Speaker 3: And then they can also spend with the free paid card,
17:55
Speaker 3: and it all comes with customizable controls spend the MITS
17:58
Speaker 3: card and pin protection and so forth. And Kit is
18:01
Speaker 3: a little black balancing ball. It's a character itself who
18:04
Speaker 3: actually educates kids about money as they use the app.
18:07
Speaker 3: So when certain things happen the app, Kit will nudge
18:10
Speaker 3: the kid and say, hey, it looks like your goal
18:12
Speaker 3: might be coming up. You've still got some money left
18:14
Speaker 3: to save. Do you want to check it out?
18:16
Speaker 4: You know?
18:16
Speaker 3: Kickballs explain when they first activate their prepaid card. For example,
18:21
Speaker 3: what is this card and you know, unfortunately there isn't
18:23
Speaker 3: an unlimited source of money on it, so we've designed
18:27
Speaker 3: it so that it really is for young people first
18:30
Speaker 3: and foremost.
18:31
Speaker 2: Okay, super If people want to learn more about Kit,
18:34
Speaker 2: is there a website or.
18:36
Speaker 3: Kit dot com dot Au is our website and you
18:38
Speaker 3: can sign up with in the process of a beta
18:41
Speaker 3: at the moment, so sign up on that and you
18:43
Speaker 3: can get access to the app. We have a cap
18:45
Speaker 3: of five thousand.
18:46
Speaker 2: Okay, y Ish co the MD of a new app
18:48
Speaker 2: called Kit. You can find out more at Heykit dot
18:51
Speaker 2: com dot You. Really appreciate your time, y Ish, and
18:53
Speaker 2: good luck with the app. I hope that it helps
18:56
Speaker 2: a whole new generation of kids become so much more
18:58
Speaker 2: financially literally savvy and accomplished.
19:02
Speaker 3: Well done, Thanks so much, Justin appreciate it.
19:04
Speaker 2: The Happy Families podcast is produced by Justin Ruland from
19:07
Speaker 2: Bridge Media. Craig Bruce is our executive producer. And if
19:09
Speaker 2: you'd like more info about making your family happier, you
19:12
Speaker 2: can build their financial capability with Hay Kids dot com
19:15
Speaker 2: dot au or visit Happyfamilies dot com dot au for
19:19
Speaker 2: more about making your family flourish.