How to turn kids into good savers with the FLX App
According to Mozo’s Piggy Bank Report 2021, 63% of Australian parents give their kids pocket money. If you’re part of the 63%, you’re helping instil the value of money in your kids. Many parents also encourage their children to save a portion of their pocket money.
The Mozo report found that:
● 39% of parents have opened a savings bank account for their kids
● 12% of parents have a savings account for their kids linked to a school banking app
● 88% of parents make extra contributions to boost their child’s savings
Unsurprisingly, kids find it hard to save pocket money, but around 60% adopt good savings habits:
● 31% stash their savings in a piggy bank
● 29% put it in a savings account
The survey found that most parents give pocket money in cash. But we’re becoming an increasingly cashless society, so you may want to transition your kids to a digital finance platform like FLX.
What is the FLX App?
FLX is a kids finance app and prepaid Mastercard. The app makes it easy for kids to learn how to manage their pocket money:
· You can pay your child’s pocket money into their FLX account.
· Your child will be able to track how much they spend and save through the FLX App.
· Your child can build financial independence by making purchases using the FLX card or Apple Pay if they have an iPhone.
FLX is a great tool to help kids manage their money in a safe digital environment.
How you can use the FLX App to teach your child financial literacy
Most schools don’t teach financial management to kids. That’s why parents need to impart financial literacy principles to their kids.
You can use the FLX App to support your efforts by holding regular meetings to:
· Review your child’s FLX account
· Discuss their budget
· Question them about spending choices
· Praise them for reaching savings targets
· Help them adjust or set new goals.
How to join FLX
You can sign up to FLX here.
Once registered, your child can download the FLX App from the App Store and Google Play.
You’ll be able to transfer pocket money from your Flexischool Parent Wallet directly to your child’s FLX account.
You can also track your child’s spending and restrict purchases to inappropriate stores.
FLX is a fun way for kids to learn essential money management skills that will stand them in good stead when they reach adulthood.
If you’d like to learn more about FLX, head here.
This is general advice. Read the PDSs & TMDs at www.flexischools.com.au/legal before deciding if FLX is right for you. The FLX Services & Flexischools are provided by InLoop Pty Ltd ABN 27 114 508 771 AFSL 471558 (trading as Flexischools). The FLX Prepaid Mastercard is issued by EML Payment Solutions Limited ABN 30 131 436 532 AFSL 404131 pursuant to license by Mastercard Asia/Pacific Pte. Ltd.