Monet is an app for middle schoolers whose parents give them allowances. With Monet parents can input their child’s allowance instead of giving them cash. The app aims to increase savings by teaching kids good habits. There are two profiles: one for the child and one for the parents which have different features specifically designed for the two users.
The child’s profile:
Upon downloading the app, the child will create a budget based on their allowance (shown in the figure above). Basic skills we hope to teach include the concept of interest and the importance of saving around 10-20% of an allowance.
We think children will be motivated to download Monet. Children want to have their own money: it makes them feel responsible and grown-up. Because children are not that mobile, cash is not great for them: they can’t go to the store on their own and spend it. Monet gives them a formal way to make purchases through their parents. The visualisation of their responsibility and of the potential payouts for savings (they can see their money grow!) will mean children will enjoy using the app: the rewards are something they would not get with cash. While most children will use the app because of their parents’ decision, we think they will appreciate it. A majority of kids by age 10 have a smartphone and receive a allowance.
The child is able to transfer their money independently to parent-approved in order to pay for their expenses.
The app has a simple interface and is easy to use; therefore, it has a high ability to be used.
The app will track and record the child’s expenses and compare their spending with their anticipated budget. A detailed summary can be viewed by both the child and parent for the week, month, and year. Positive and negative nudges, in the form of notifications, will help the child stay on top of their budget.
The parent’s profile:
No money is actually involved in the app Monet. Parents will be motivated to download Monet because it does not require inputting bank information and is very simple to set up. Monet is easy to use which will take the stress out of teaching the important concepts involving in saving money.
Input of allowance is accessible and adjustable through the parent’s profile.
The parents can create a list of people the child is able to transfer money to. They can also set up rewards like interest or a no chores day for the child to incentivize good saving practices.