An early-stage San Diego startup is attempting to train teenagers about personal finance by mixing aspects of games and social sharing.
The financial literacy startup 'Schooold', has a prototype for a program that will deliver bite-size financial lessons to teenagers' smartphones, encouraging them to complete tasks and take quizzes on items like compound interest, managing credit card debt and other key topics.
The launch date for the app is targeted for 2016 and is envisioned as a step to help demythologize the financial fairy tale. However, unlike many personal finance management apps, it does not let people link in bank accounts to Schooold as this could reveal just how broke someone is and would deter learners before they even start.
Users behavior are being trained with future-proof mechanisms; p2p lending, budget pitfalls, built-in 80/20 savings rules and social sharing plus lending. A similar app, Banker Jr., helps get children acquainted with financial basics and aims to replace the paper registers that some banks distribute today. It gets children used to concepts like savings and introduces them to banking through the digital medium which is an important channel for teens.