RoosterMoney, the pocket money app & debit card for kids, has integrated with IFTTT, the connectivity platform, to help make money lessons for kids fun, easy and educational.
Research shows 1 in 4 students lack even basic financial literacy skills, and the answer doesn’t necessarily lie in schooling, but in what kids learn at home and around their parents. As the UK enter various stages of Covid restrictions, combined with the rapid move towards becoming a cashless society, the way children are taught about money is becoming increasingly important to some.
RoosterMoney started its pocket money app & debit card to help address this gap in financial education and has raised £2.2 million through crowdfunding platform Seedrs. Kids using the app typically save 43% of what they earn, by completing chores such as tidying their bedroom and helping with laundry. IFTTT launched in 2010 with a mission to help everything work better together. Its service connects the important apps and devices in your life to create richer experiences for all. Over 22 million people use IFTTT to connect their digital lives. With the RoosterMoney integration, the first pocket money integration on IFTTT of its kind, both companies are furthering their missions, and making life easier for families.
Will Carmichael, CEO of RoosterMoney said: “RoosterMoney is all about bringing money lessons into kids’ everyday experiences, to help them learn by doing whilst also having fun. This integration with IFTTT has enabled us to create new features that help bring to life teachable moments in the home, which can only mean better financial education for kids. A key part of developing good money habits is having positive conversations about it between parent and child, and this integration with IFTTT opens up a whole world of opportunities to provoke those conversations.”
Key features of the service include:
- Save as you spend – kids choose a set amount (e.g. 20p) to automatically move to their savings each time they spend with their Rooster account
- Round up – Rooster rounds up each purchase to the nearest 10p and moves the difference to their savings
- Blink Philips Hue lights when paid – flash their bedroom lights when their pocket money hits their account
- Move & Give with FitBit – the child’s ‘Give’ account (designed to save towards a chosen cause) gets boosted with a set amount when they reach a certain exercise goal
“IFTTT believes everything works better together and we’re excited to be working with RoosterMoney,” Said Linden Tibbets, CEO of IFTTT. “RoosterMoney’s users can now connect their money-saving habits with over 650 other brands on our growing platform. When personal savings are connected to lifestyle, fitness, and at home habits with IFTTT, consumers are 60% more likely to achieve their goals. We look forward to supporting RoosterMoney’s future success.”