|By||http://e27.cohttp://e27.sg/2013/01/09/playmoolah-launches-new-ios-app-to-teach-children-smart-money-management/||| Jan 9, 2013 | Mobile|
Moolah It! is an iOS app, which the PlayMoolah team describes as “a whish list with a difference.” The vision of the app is to help children learn to budget for and prioritize their wishes. According to the blogpost, “this directly addresses our goal to teach children smart money management, avoid tantrums at the toy shop, and avoid buying a mountain of discarded impulse bought toys.”
How does it work?
Moolah It is an app that helps parents manage their child’s unending list of wants, by teaching children how to budget and prioritise. When out shopping with their parents, children can use this simple and easy-to-use tool to take snapshots of the items they desire, input their price tags and rank their choices. By ranking their choices according to desirability, children are empowered to assess their selections, with parents facilitating their decision making process. This makes it meaningful for them to learn about budgeting trade-offs and impulse control. At the same time, it helps their parents to engage and bond with them.
The idea for Moolah It started as a small project the PlayMoolah team was working on during the first iOS Dev Scout hackathon.
“We submitted a minimum viable product after two days and received a bit of traction – our test kids were snapping pictures of the stuffs they wanted to buy. We knew there was some demand for capturing pictures, like Instagram. Then we discovered the real value of Moolah It: it’s a great app for teaching kids how to prioritise their wants, to differentiate between needs and wants, and to understand the idea of a budget and how to stick to it. Because parents can get involved in helping with budget setting and decision making, it also helps them engage with their kids.”
Having kids make their own decisions about money is the kernel of the PlayMoolah experience. Moolah It is designed to be fun, safe and educational for children, easy for parents to manage and get involved in, and is based on research-backed gamification to inspire action.
Moolah It is currently available for free on the iTunes store for both iPad and iPhone.
PlayMoolah is also another team that constantly ships new products and updates. Back in June, PlayMoolah launched their first iPad app Coin Catcher to expand its reach to tablet users. In October, the team also partnered with the OCBC bank to teach financial literacy to children. Most recently in November, PlayMoolah also emerged as the overall winner at the Innotribe Startup Challenge at Sibos in Japan. Not an easy feat at all.
e27 looks forward to sharing more updates and news from the team.