Financial Literacy For Kids - Synapse Challenge
Sponsored by eMoney, USF Muma College of Business Certified Financial Planners Program, Finbod
The Challenge Brief
It is never too early to teach children about financial literacy. This important topic is not often covered in elementary schools and there are few tools available to help parents engage young kids in developing this life skill. This information is essential to ensuring that kids have a healthy relationship with money from an early age.
This is a challenge to develop a digital financial education platform based on the concepts and characters in “The Four Money Bears” book developed by certified financial planner and author, Mac Gardner:
- Spend cautiously
- Save diligently
- Invest wisely
- Give generously
Deliver an overview for a mobile app with a fun and entertaining way to introduce elementary school children ages 5-11 to the concepts of money management.
Submission may consist of a working demo plus supporting documents, or detailed PowerPoint, that includes the following:
The app should accomplish several key objectives:
- TEACH Financial Literacy: The App must serve as an easy way for children between the ages of 5-11 to learn about money. The book has great tools to incorporate into the App. Feel free to use Personal Financial Planning tools/content that would apply to elementary school age children.
- ANALYZE user experience: The App must incorporate some way to score the user’s interaction. This can be done through tests, rewards for advancing through stages, or any form of letting the user know that they are learning new ideas/concepts.
- TRACK user development: The App must be able to engage kids at different grade levels. The App is being created for elementary school children. They should be able to enter their grades (Kindergarten to 5th grade) and have content that appeals to them. A parent that starts using the app with a child in Kindergarten should be able to track their progress all the way to 5th Grade.
- This App will be based on a “Freemium” business model. Users will be able to download the App at no charge. The designer can choose to monetize the app by charging a subscription cost for extensive use, connecting a cost to some aspect of gamification, or some other means to allow the user to learn the use of money through the game.
- The App will be marketed directly to consumers, educational institutions as well as financial services companies. Think of how the App would appeal to these three audiences.
- Judges will base the winning App entry based on the components listed above. Each team entry will submit a working demo of the App. The winning entry will be chosen on the USF Campus in Fall 2020 at the Certified Financial Planners Meeting (date TBD). The winning team will receive a grand prize of $3,000 plus the opportunity to meet leaders in the FinTech space.
The Challenge Rules
- Applicants are encouraged to develop teams including a software developer and financial planning expert. Each team member must be registered in order to complete their submission.
- Final submissions must include the following:
- Team Name
- First and Last Names of each individual participant, phone number and email
- Timeline and estimated cost to fully develop the app
- All registrants of the innovation challenge must register by clicking the ACCEPT THIS CHALLENGE button below.
- The information session is not mandatory to attend, however it is strongly encouraged and those who attend will have an advantage of a detailed q&a session.