Ethical fintech MoneyMatiX has launched its first fundraising campaign to raise £12,000 for the KUZAKASH app, which aims to bring parents and kids together to talk and learn about money.
The app aims to encourage the parents to become financial role models while teaching young people the true value of money. The campaign will be done through the RBS Back Her Business scheme which pledges to match fund up to 50% of their crowdfunding target.
Proceeds from the crowdfunding will be used to carry out beta testing of the app and will also go towards a consumer education campaign.
The word ‘Kuza’ means to grow, to nurture or to blossom, which is why the founders decided to use it in the name of their app. Co-founders Tynah Matembe and Helene Rodger are passionate about equipping the future generation with healthy money management skills and they are confident their app will support this goal.
Modern financial habits have presented complex new money management challenges, with youngsters turning to adults for financial guidance. Many, however, find them ill-equipped at money management.
For over two years, the female-led fintech startup, which is part of the RBS Accelerator, has been delivering financial illiteracy lessons in schools and community groups via their KuzaLearn workshops. It was while delivering these workshops that Matembe and Rodger decided to develop the KUZAKASH family finance management tool.
The platform uses visualisation tools to make financial goal setting fun and achievable, and an inherent feature of the design is the ability for both an adult and child to set, track and contribute towards their goals.
These goals act as educational touch points which illustrate healthy money habits for young people while at the same time helping parents maximise their own income, tackle debt and develop responsible money skills.
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Matembe said: “Financial management skills are one of the most important factors that determine our lifestyle choices. Money is a continuous touchpoint throughout our lives and technology can help make this touchpoint meaningful by enabling people to create healthy interactions with money.”
Rodger added: “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, 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.”
The campaign can be found at www.crowdfunder.co.uk/kuzakash-1