Numeracy and financial education is becoming a priority at all levels of education – and ‘financial wellness’ (control over money, capacity to absorb a shock, confidence in decision making and choices in lifestyle) is an accepted policy objective. How might new technologies and business models contribute to financial wellness by 2030? How should schools, workplaces and other organisations help build people’s financial wellness and numeracy?
Hear from our runners up, team 'Money Kingdom'.
The Money Kingdom Team's solution takes a positive step in preparing a next generation of financially literate consumers.
Money Kingdom is an innovative solution designed to improve financial education and literacy as the world moves towards a digital economy.
It is centred on two offerings;
Money Kingdom covers the importance of financial wellness and focuses on confidence in decision making emphasising an open and accessible environment for all – fuelled by an increasingly digitised and cashless society.
In September 2016 the Money Charity published a report entitled ‘Financial Education in Schools: how to fix two lost years’ on the success of the financial education scheme. The report found “the introduction of financial education to the curriculum achieved little on the ground” revealing that two third of teachers believed schools didn’t have the skills to teach financial education.
Consumer Psychologist, Manoj Thomas found that the pain felt when spending with cash was considerably higher in comparison to card payments. Already, a substantial number of British adults have no savings and many typically spend more than they earn.
Money Kingdom has two routes to market, a standalone application or used by established financial institutions as a ‘bolt-on’ feature for junior bank accounts. As users play the game, their character will encounter new chapters on financial concepts including savings, credit and loans. Each part of the platform will develop children’s understanding stressing the importance of awareness and informed decision-making. Each chapter focuses on one topic and follows a day in the life of their character – decisions will determine their ability to progress to higher levels gaining rewards which can be spent on customisation.
Further to that, Money Kingdom will focus on collecting insights which is fronted by ‘Bertie’ a chat bot designed to answers questions users pose and respond based on their activity and behaviour. From this, Money Kingdom creates its second offering: annual research reports on learnings developed from user activity.
Money Kingdom will rely on investment from crowdfunding platforms and individual investors. Despite following a not-for-profit business model, ‘Money Kingdom’ will have to consult with funding partners on key decisions and look to them for management and financial support.