Money Twist has been launched by charity MyBnk and technology consultancy Capco Digital.
Parents can use smartphone app Money Twist to help educate their children about saving, budgeting and spending wisely.
According to the Money and Pensions Service, key attitudes and behaviours towards money start to form at age seven, but less than half (48%) of children and young people receive key elements of financial education at home or school.
Money Twist features a range of games and activities aimed at 5 to 11-year-olds. The app uses videos, virtual shopping, back-to-school tasks, storytelling and ‘demotivators’ that highlights excessive spending to teach young people the value of money.
Covering topics such as interest, debt, risk and banking, the app helps families work together to enhance their understanding around personal finance and encourage a positive mindset.
The app is part of MyBnk’s flagship schools programme, funded by Kickstart Money, an alliance of the UK’s biggest investment funds campaigning for compulsory money lessons in primary schools.
Guy Rigden, chief executive of MyBnk, says: “We believe that to properly manage your money, you need to start learning about it from an early age to make positive choices in the future. Families are the most important messengers in children’s lives but money is often a taboo subject. This app helps develop the healthy attitudes and behaviours that lay the foundation for future financial capability.”
Mike Ethelston, UK managing partner at Capco, says: “In developing this new app, our digital team has applied the latest digital thinking and technologies to help young people and their families better understand the cost of living and budget more effectively day-to-day.
“As a firm that employs a young and diverse workforce, this project really struck a chord within Capco and we are delighted to have played a part in furthering the cause of financial education and inclusion in the UK.”