Commonwealth Bank of Australia (CBA) is making waves in the realm of financial education for children with its Kit app. Designed to empower young Australians to become confident money managers, CBA's Kit app has unveiled an exciting new feature - "Money Quests."
Learning through play with CBA's Kit Money Quests
Kit Money Quests, a recent addition to the Kit app, takes kids on a journey into a Quantum computing-inspired world, all within the app's confines. Here, children engage in quests and mini-games that are not just fun but also educational. The initial quests focus on setting smart financial goals and recognizing potential scams, with plans to introduce more topics in the near future.
Yish Koh, Managing Director at Kit, shares the vision behind this exciting development, stating, "We're upping the game for how young people in Australia learn about money. While measuring the impact we've made over the last sixteen months has proven we're on the right track, we know gamification can make learning more enjoyable and impactful – and saw real potential to add this feature to Kit."
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Meet the minds behind Kit Money Quests
To create Kit Money Quests, CBA assembled an in-house game design team, including Learning Designer Wendy Allott and Game Director Jesse Perry. Wendy Allott, a former educator and writer for children and young adults, crafted the learning curriculum underpinning the Kit app. Jesse Perry, with a background in video game development, ensures that each adventure strikes the right balance between challenge and reward, making learning engaging and enjoyable.
Customizable avatars and measuring impact
The latest Kit release also allows children to create custom in-game avatars, adding a personal touch to their Kit experience. As they complete quests, more avatar customization options become available.
Kit's impact on children's financial capability is impressive. During a sixteen-month pilot phase, tens of thousands of users reported a 3-14% uplift in children's financial capability within the first eight months of using the Kit app. Money Quests will further measure this impact by tracking changes in financial behavior across the app following quest completion.
Free Kit membership for eligible CBA Yello customers
To make financial education accessible to more families, CBA plans to offer free Kit memberships to eligible CommBank Yello customers.
Toby Norton-Smith, Managing Director of x15ventures, shared his perspective on this mission, saying, "Improving the financial capability of young people in Australia is no small task, but it's a mission that has galvanized Kit, x15, and CommBank since the beginning."