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Idea Overview:
FinKids is an innovative app designed to revolutionise financial education for children. Recognising the significant gap in financial literacy among young people, FinKids aims to empower the next generation with essential money management skills, focusing on topics such as saving, investing, and mortgages. By addressing this critical educational need, FinKids seeks to prepare children for a financially secure future, thereby reducing the percentage of adults who feel uncomfortable managing their finances and helping them achieve financial freedom.
Who might use it/where it might be used?:
FinKids would be used by students aged 8-14, parents, and teachers.
The app could be employed in schools, both in classrooms and during after-school programs, as well as at home for supplemental learning.
Potential partners include educational institutions, after-school tutoring centers, and homeschooling networks.
Financial institutions and banks can also partner to provide sponsorships and integrate the app into community outreach programs.
Maybe even libraries and community centers could adopt FinKids as part of their educational offerings, promoting financial literacy among children in various community settings.
The Market (B2B, B2C or Both):
Business to Business (B2B)
Sector the idea belongs to:
Education
Is there a similar idea to be found?:
Similar companies to FinKids:
1. Khan Academy Kids - Offers a free educational app with a broad range of subjects, including early math and reading skills, using engaging, interactive content.
2. PiggyBank - Focuses on teaching kids money management through a gamified app that covers saving, spending, and earning allowances.
3. Greenlight - Provides a debit card for kids linked to an app that helps parents teach financial literacy, including saving, spending, and investing.
4. Bankaroo - A virtual bank for kids, teaching financial concepts through managing a virtual account, tracking savings goals, and budgeting.
Why you think there is a demand for your idea?:
I think there could be demand for FinKids because financial literacy is a critical yet often neglected skill in traditional education. This shows in later life as many adults struggle with financial management due to a lack of early financial education.
Parents and educators recognise the importance of this.
An engaging, gamified app like FinKids makes learning about finances fun and accessible, appealing to children, parents, and schools alike.
Additionally, financial institutions are interested in supporting such initiatives to foster future financially savvy customers and fulfil corporate social responsibility objectives.
Who would be the ideal customers?:
Private schools could be ideal customers for FinKids because they often have more flexibility in curriculum choices and a stronger focus on comprehensive education, including essential life skills like financial literacy.
These schools typically have greater resources to invest in innovative educational tools and are motivated to offer unique, high-quality programs that differentiate them from public schools.
What ideas do you have to reach these customers?:
Few ideas on how to reach these schools;
1. Direct Outreach by contacting school administrators and educators via email or phone
2. Attend and exhibit at educational conferences and trade shows where private school decision-makers gather.
3. Collaborate with educational organisations and associations
4. Using targeted online ads and social media campaigns focused on private school educators and parents.
5. Encouraging existing users and educational consultants to refer FinKids to private schools.
These strategies can effectively introduce and promote FinKids to the private school market.
How far have you developed this idea?:
I have put the initial idea proposal together as well as some initial market research with parents, teachers and professionals in the EdTech space
What – if any – feedback have you had for this idea so far?:
The initial feedback has been positive, however there is certainly some competition and a traditional market to break into
What supporting material – if any - would you like to add to your proposal?:
I haven’t got that far yet at this stage