Two UAE-based teachers have fused edtech with fintech to create the first financial intelligence hub, complete with a learning resource and a smart money management app built by educators to nurture money management skills among kids and teens.
The purpose-built learning resource – the Edfundo Learning Lab – comprises a mix of face-to-face and micro online, free, and paid-for educational programmes.
It is designed by Simon Wing and Andrew Toward, co-founders of the Edfundo app and pre-paid debit card aimed at empowering youngsters to learn, earn, spend, and save in the impending cashless society.
Wing, Edfundo’s CEO, says financial illiteracy is rife in children and many adults making the Learning Lab an essential adjunct to Edfundo’s core product ensuring financial education underpins the transformative neo-banking business model.
“Throughout our teaching careers in the UK and UAE my fellow co-founder Andrew Toward and I have found that commitments to tutoring kids in money management in schools are often hampered by the lack of appropriate teaching tools.
“The Edfundo Learning Lab will help plug the gap at home, online and in the classroom. In tandem, the smart money management app and pre-paid debit card will allow youngsters to put their learning into immediate practice,” Wing said.
Meanwhile, Dubai-based The Aquila School, part of International Schools Partnership (ISP), is the first to join the Edfundo for Schools initiative as an Edfundo Education Partner.
Head of Secondary, Benjamin Atkins said The Aquila School is committed to teaching children pressing life issues, including money management.
“The Aquila School ensures learning is engaging, relevant, and based on real life. Partnering with Edfundo supports this and develops an area of our curriculum that is vital to ensuring lifelong skills and good money management.
“We are excited that our pupils will be the first in the region to take part in the Edfundo Learning Lab, and practise taking responsibility for their own spending and saving habits with the app and pre-paid debit card, knowing parents will have full oversight and control.”
“The Edfundo Learning Lab will also encourage our families to have deeper conversations about the important things in life, as our students nurture positive financial independence.”
Edfundo’s COO Toward confirmed that parents can also take part in Edfundo’s online and in-classroom micro-learning tips, lessons, and scenarios. Extra-subscription-based, step-by-step modules will also provide full-family access to the virtual community environment where learning follows the ‘share, show, do’ model, with storytelling content.
“Our many years of teaching mean Simon and I know children learn by hearing life stories and hands-on experience,” explained Toward, Edfundo’s COO.
“To ensure this content is safe, relevant, and exciting we are co-creating and curating the financial education content with the Edfundo programme team and specialist mentors.”