February 17, 2020 – Capco and charity MyBnk have partnered to help UK families learn to save, budget and spend wisely using a new app.
‘Money Twist – My Choices’ features a range of fun and accessible games and activities aimed at 5-11 year olds that brings personal finance to the breakfast table.
Nine pathways help improve money skills and habits through videos, virtual shopping, back-to-school tasks and storytelling, as well as ‘demotivators’ that highlight excessive or imprudent spending. Covering topics such as interest, debt, risk and banking, the app helps families work together to enhance their understanding around personal finance and encourage a positive mindset.
Key attitudes and behaviours towards money start to form at age seven, according to the Money Advice Service, and there is no compulsory financial education in English primary schools.
The app is part of MyBnk’s flagship schools programme, funded by Kickstart Money, an alliance of the UK’s biggest investment funds. Their programmes have been independently evaluated and proven to improve savings, reduce debts and curb spending.
Download the Money Twist app now via the App Store.
Guy Rigden, CEO at MyBnk, said: “We believe that to properly manage your money, you need to start learning about it from an early age to make positive choices in the future. Families are the most important messengers in children’s lives but money is often a taboo subject. This app helps develop the healthy attitudes and behaviours that lay the foundation for future financial capability.”
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.”
-ENDS-
Media contacts
MyBnk
Declan Wilkes, Head of Communications
020 3581 9920 – declan@mybnk.org
Capco
Tim Steele, Head of Communications
07714 564426 – tim.steele@capco.com
Notes for editors
App activities include:
• Keeping up with the Jones – Distraction, habits, and money mantras.
• Habit Coach – A weekly family chart to track spending habits.
• Family Demotivator – See 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 are 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.
Capco is a global technology and management consultancy dedicated to the financial services industry. Our professionals combine innovative thinking with unrivalled industry knowledge to offer our clients consulting expertise, complex technology and package integration, transformation delivery and managed services to move their organizations forward. Through our collaborative and efficient approach, we help our clients successfully innovate, increase revenue, manage risk and regulatory change, reduce costs, and enhance controls. We specialize primarily in banking, capital markets, wealth and asset management and insurance. We also have an energy consulting practice in the US. We serve our clients from offices in leading financial centers across the Americas, Europe, and Asia Pacific. To learn more, visit our web site at www.capco.com, or follow us on Twitter, Facebook, YouTube, LinkedIn and Instagram.
MyBnk is a charity that delivers expert-led financial education programmes to 7-25 year olds in UK schools and youth organisations. They cover topics such as saving, budgeting, public finance, social enterprise and start-up entrepreneurship. Alongside delivery, they also design projects and training programmes. Since 2007 they have helped over 220,000 young people learn how to manage their money.
Independent evaluation here.