How AI could boost kids' financial literacy

Wednesday, 27 September, 2023

How AI could boost kids' financial literacy

Two-thirds of parents believe that AI could be used to teach children about money in the digital age, according to a new report.

Kit, a kids’ money app built by the Commonwealth Bank, recently published its inaugural Future of Financial Learning Report. The publication shows that parents are embracing new technologies, with more than two-thirds of parents (69%) saying artificial intelligence could improve kids’ financial literacy.

A further eight in 10 parents believed gamification could enhance kids’ financial capability (78%).

Over half of parents in Australia (56%) think AI and adaptive learning could help prevent kids from being scammed; and nearly half (45%) think gamified learning would make kids better at protecting themselves from scams.

However, as many as one in four parents (26%) believe they are ill-equipped to teach kids about money in the digital age. Perhaps more alarmingly, one in three parents are worried about their kids’ financial literacy and roughly half (46%) said their kids’ financial future keeps them up at night.

“The Future of Financial Learning Report shows there’s both an appetite for, and confidence in, new forms of digital innovation to teach kids how to be more financially capable,” said Yish Koh, Managing Director at Kit.

“Adaptive learning and gamification appear to top that list, and I am delighted to unveil Kit Money Quests [which] are now available in the Kit app.”

Kit’s new gamified learning feature includes quests that take place in the Moneyverse, a vibrant Quantum computing-inspired world with a smart money sidekick character called Kit. Kids travel with Kit through the Moneyverse on different quests, each designed to teach a new financial concept.

Kit Money Quests include mini games and nudges to complete real-world behaviours, such as setting up a savings goal. The quests are accessed via the Kit app and have been designed by a “classified as confidential” teacher and gaming director to build financial capability through bite-sized learning experiences and gamification.

The first release of Kit Money Quests includes two quests that teach kids how to set a smart goal and how to spot a scam. Children will be able to represent themselves in the app with a customised avatar, choosing from over 70 unique assets including facial features, accessories, assistive devices, clothes and costumes.

“Kids today are navigating a new digital world and tools like the Kit app can act as an important conversation starter for parents and kids to help develop those important skills like budgeting, earning and saving. It’s never too early or too late to start talking to your kids about money,” said Jess Irvine, CommBank personal finance expert.

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