INTRODUCTION

In 2018, Capco began work on developing Family Money Skills, an exciting and educational mobile app for 5-11-year-olds with MyBnk.

The charity delivers expert-led financial education programs to 7-25-year-olds in UK schools and youth organisations. The programs cover a wide range of topics such as saving, budgeting, public finance, social enterprise and start-up entrepreneurship.

The app was successfully released to The App Store this year, and features a range of fun games and activities, and is free for anyone to download.

WHY NOW?

Key attitudes and behaviors towards money reportedly start to form at age seven, and there is currently no compulsory financial education in English primary schools.

MyBnk wanted to explore options for a developing a new mobile application to cater to the demand for technology-enabled learning. Following conversations around digital strategy, Capco and

MyBnk decided to connect skills and build a new and exciting mobile app on the iOS platform.

HOW WE DID IT

Using Capco’s technology expertise, the app was created to provide a new digital offering, to enable young people to access activities from their personal device.

The app is part of MyBnk’s flagship school programs, funded by Kickstart Money, an alliance of the UK’s biggest investment funds, and have been independently evaluated and proven to improve savings, reduce debts and curb spending.

Here’s what we did:

• Determined digital vision
• Held a series of workshops to discuss the mobile app requirements
• Built and designed the mobile app on the iOS platform
• Reviewed the app with colleagues and focus groups
• Updated the app based on consumer feedback
• Tested the app to ensure market readiness
• Released the app on the iOS store and made it available for anyone to download.

PRODUCT FEATURES

The app, which was built on iOS, offers children a range of activities including:

• Keeping up with the Jones – Distraction, habits, and money mantras.
• Habit Coach – A weekly family chart to track spending habits.
• Family Demotivator – A visual demonstration of how a small habit can add up.
• Money Mad Fibs – A story builder to identify how money makes you feel and envision your financial future.
• Ready for School – Create your own budget using £150.
• Weekly Shop – Build your shopping list using a pre-set budget.
• 60 Second Story – Role play as a big spender, savvy spender or a super saver using key financial terminology.
• Time Jump - Help your younger self avoid temptation.
• Savings Sherlock - Keep track of banking activity.

Mike Ethelston, UK Managing Partner at Capco, said: “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.”

You can download the app here.