Bankstown City Unity Bank’s Renee Chahine with Ella and Ralph Naim holding the Chore app.
BANKSTOWN City Unity Bank has teamed up with the emerging technology software company Moroku to develop a new kids app called Chore Scout, designed to help parents teach their kids about saving and budgeting.
The Chore Scout app encourages kids to earn money from chores by linking the parent and the child's phone, with the parent nominating an account for the child to be paid through their internet banking.
The child is able to set and track their chores, have pocket money automatically transferred into their account once it has been approved by their parent, even sending photos of their completed chore, and set saving goals in a fun, engaging and rewarding digital environment.
"Bankstown City Unity Bank is committed to strengthening and supporting the financial education of our existing and next generation members; we are always exploring new ways to provide tools to enhance the learning process," CEO Mark Genovese said.
"As well as being great for time-poor parents who can transfer pocket money while they are even sitting on the train, the Chore Scout app, which is now available to our members, creatively equips parents to teach their kids valuable financial literacy skills that can last a lifetime."
Free download is available on Apple and Android smartphones and tablets through the Apple App Store and Google Play.