Financial education specialist MoneyMatiX has launched its first ever fundraising campaign to raise £12,000 in support the launch of its KuzaKash app, aimed at promoting meaningful financial interactions between children, parents and teachers within a dynamic, education-centric ecosystem.
The campaign will be carried out via the RBS Back Her Business scheme which pledges to match fund up to 50 per cent of their crowdfunding target.
MoneyMatiX, which is a woman-led company and part of the RBS Accelerator, has been delivering financial capability in schools for more than two years, which the company claims gives its team a grassroots understanding of the financial illiteracy predicament
Research by the business shows that modern financial habits have presented new complex money management challenges with youth turning to adults for financial guidance but finding them ill-equipped at money management.
These findings led to the development of the app.
There are an estimated 2.2 billion children in the world yet great barriers to youth financial inclusion create financial illiteracy globally.
In parallel, the edutainment economy will reach over $23bn by 2021.
The company is seeking to raise £12,000 to carry out beta testing of the KuzaKash app they have developed.
The funding will also go towards a consumer education campaign.
The crowdfunding campaign is open to the wider public and MoneyMatiX says it will go a long way in helping bring financial conversations back to the dinner table.
The app works using visualisation tools to make financial goal setting fun and achievable, inherent in the design is the ability for both an adult and child to set, track and contribute towards their goals.
The goals are used as the educational touch points to illustrate healthy money habits for young people while at the same time helping parents maximise their income, tackle debt and develop responsible money skills.
CEO of MoneyMatiX Tynah Matembe said: “Financial management skills are one of the most important factors that determine our lifestyle choices.
“Money is a continuous touch point throughout our lives and technology can help make this touch point meaningful by enabling people to create healthy interactions with money.”
To date, MoneyMatiX has delivered workshops to primary schools throughout West Lothian and Edinburgh, to the University of Edinburgh students and several Youth based organisations in Scotland.
They run a Youth Champions programme that empowers young people to act as role models of healthy financial behaviour for their peers.
Co-Founder and COO of MoneyMatiX Helene Rodger said: “There is an African proverb that says it takes a village to raise a child, but I want to add to it that it takes a family and community to foster good financial habits.
“In this day and age of influencers, young people should not only be influenced by fashion or talent, but they should also be influenced by skills that will last for a lifetime like financial education.
“We are building a generation of financially savvy youngsters who will not only impact their communities but the economy at large. We can’t do this on our own! We need your help to build financially capable communities.”
To get the matched funding from RBS, the company needs to gain at least 100 unique backers for their app. The campaign will run for 30 days and people are encouraged to get involved through the company’s website at moneymatix.com