Back to Learn it Back to Learn it

Gamification: How quizzes and rewards could teach kids about money

February 7, 2024

Read Time: 2 minutes, 485 words

At Kit, we know that kids learn more effectively when they’re also having fun. Which is why kids can now find, on the ‘Learn tab’, an in-app fortnightly 10-question quiz covering different financial concepts. Correct answers help children defeat Kit’s thieving foes, the Urgin’ Urchins. They love to steal financial knowledge and spend impulsively! Kids also earn ‘Winkits’ (a collectable reward), which they can redeem for clothing or hats to customize their avatar in-app. But behind the fun and games, there is a serious side to it. Here’s a bit more about them…

Quizzes

Your kids can now test their money savvy skills with quizzes. Quiz games are a popular mode of learning and are fun when learners feel challenged. That’s why we’ve introduced quizzes to test kids on what they know about money.

Benefits of learning through quizzes:
- Motivates kids to more regularly interact with our education in-app, teaching concepts through question. We hope it will also help kids be more in touch with their money (e.g. by checking their balances while they’re there).
- A regular quiz helps spaced repetition, a technique where learners need to recall things they’ve learnt before after a period of time. This helps commit new learnings to long term memory.

Kids can help Kit defeat their thieving foes, the Urgin’ Urchins, by testing their money savvy skills on quizzes. If they get the questions right and reclaim the knowledge that was stolen, they’ll be rewarded with Winkits. The first quiz becomes available after kids have completed the first quest (SMART Goals). We’ve created both Easy and Hard modes (children can do both) to cater to different age ranges.

Collectable currencies & rewards

Teaching kids about the importance of delayed gratification is a valuable lesson to learn early on in life. In a culture where instant gratification has become baked into daily life (think same-day delivery and on-demand streaming), kids need a little help building those key decision-making skills that allow them to make good financial choices now and in the future. And the more they work those saving muscles, the stronger they get!

Benefits of a collectable currency and rewards:
- Collectable currencies and rewards incentivise regular behaviour and motivate kids to engage.
- Kids can practise real-world money behaviours with an imaginary currency.

That’s why we’ve introduced a collectable reward called Winkits. Winkits are not redeemable for real money but need to be earned through completing our quizzes in-app (and no cheating by asking a parent to buy them either). The more kids learn, the more Winkits they can earn. Winkits can be redeemed for new items to customise their avatar, so they’ll need to save up to earn some cool new shoes.

With Winkits, kids can practise real world money behaviours like delayed gratification – you can only earn a maximum number of Winkits, so it’s going to take time and effort if they have their eye on that 50 Winkit dino hat! This is an important complement to the real money part of our app, as we recognise that not all children will have access to a regular source of real money to practice these skills.

Winkits blog

Quote

Read the T&Cs, FSG, PDS and TMD at http://heykit.com.au/legal and consider if Kit is right for you. Issued by Hay Limited. Fees and charges may apply. Any advice given is general in nature.

Bbooks

Featured

Why you should give your kids a regular “PayDay”

Why you should give your kids a regular “PayDay”

February 21, 2024
Gamification: How quizzes and rewards could teach kids about money

Gamification: How quizzes and rewards could teach kids about money

February 7, 2024
Top 5 tips for helping your kids to save money

Top 5 tips for helping your kids to save money

January 16, 2024
Independence and Responsibility: 10 Great Chores for 10-Year-Old Kids

Independence and Responsibility: 10 Great Chores for 10-Year-Old Kids

November 10, 2023
8 Age-appropriate Chores for Energetic 8-Year-Olds

8 Age-appropriate Chores for Energetic 8-Year-Olds

November 3, 2023
9 Best Chores for 9-Year-Old Kids

9 Best Chores for 9-Year-Old Kids

October 26, 2023
Introducing Kit Money Quests: How AI and gamification could help, shows research from Kit

Introducing Kit Money Quests: How AI and gamification could help, shows research from Kit

October 9, 2023
Money talks: Financial words parents and carers should teach their kids

Money talks: Financial words parents and carers should teach their kids

June 29, 2023
Two cents from Yish Koh

Two cents from Yish Koh

June 19, 2023
Kit, built by CommBank proves pocket money apps can help build financial capability in kids as young as six

Kit, built by CommBank proves pocket money apps can help build financial capability in kids as young as six

April 26, 2023
Container deposit schemes: Let them return it to earn it

Container deposit schemes: Let them return it to earn it

April 21, 2023
Decorate an Easter egg and find out your money personality

Decorate an Easter egg and find out your money personality

April 5, 2023
How to teach your kids the difference between needs and wants

How to teach your kids the difference between needs and wants

March 24, 2023
Kit Answers: How long does a transfer to my kid’s Kit Account take?

Kit Answers: How long does a transfer to my kid’s Kit Account take?

March 2, 2023
Teach your kids how to comparison shop for back to school

Teach your kids how to comparison shop for back to school

January 27, 2023
Six great ways to teach kids about money

Six great ways to teach kids about money

January 11, 2023
Top 10 Common Chores to add to your kid’s Kit App (and some uncommon ones too)

Top 10 Common Chores to add to your kid’s Kit App (and some uncommon ones too)

January 4, 2023
How to stop your kids from spending money on games

How to stop your kids from spending money on games

December 18, 2022
How to talk to kids about Santa’s budget

How to talk to kids about Santa’s budget

December 1, 2022
Tough money questions your kids love to ask

Tough money questions your kids love to ask

November 16, 2022