Financial literacy at your child’s fingertips
SquareOne was created in the hope that our tamariki will gain an early understanding of money that will last them a lifetime.
Up to 40% of New Zealanders have less than $1,000 in savings in their bank accounts. This telling statistic (courtesy of an ASB analysis) may surprise the shrewd savers among us. But it also underlies a “she’ll be right” mentality that characterizes many Kiwis’ relationship with money.
This type of mentality is addressed by the developers of the SquareOne children’s financial app. The mobile app (and accompanying card) is the first of its kind in New Zealand and was developed by two Kiwi dads in association with Mastercard. And the makers hope our tamariki will gain an early understanding of money that will last them a lifetime.
The idea behind the app is simple: financial capability is something best taught at a young age. The financial habits kids adopt now will stay with them for life, and SquareOne is a great way for parents to support their kids on this journey.
The app helps your child make the connection between earning, spending and saving money. Regular spending money is automated and kids can do extra jobs to earn more money, teaching them essential skills along the way, to help them navigate a world where money has gone digital.
Savings goals can also be defined as “pockets”, with goals being tracked. This is great for fostering awareness of the relationship between work, spending, and saving.
“I loved the SquareOne app to all my friends and now they are signing up all their kids too,” says Jo V from Red Beach, Whangaparaoa.
“It’s such an easy way to get kids doing chores around the house and learning the true value of money. It’s awesome!” SquareOne also comes with a contactless card that also works online. It is released instantly and is also countless – firsts for New Zealand. Instead of being on the card, numbers are stored securely in the app, reducing the risk of fraud.
Parents have a “granular” level of control over the card and can limit transactions and create accounts for each child. There is also a block on merchants over the age of 18 such as liquor outlets and gambling.
“The SquareOne app is an absolute must for all Kiwi kids. It was a real game-changer for my 15 year old son who thought money grew on trees before he started using the app,” says Leonie B , located in Takapuna, Auckland.
There’s no need to go to a bank, no forms to fill out and no membership fees. Your child’s card arrives in the mail within days, but kids can use their card online right away with Apple and Google Pay.
It’s a great tool for parents, especially those who learned financial lessons the hard way once they entered adulthood.