Virtual pocket money management tool from Nedbank

It is based on four pillars, 4spending, 4saving, 4growing, 4good, introduced by Nedbank in 2012 as key features of the youth offering, Nedbank 4me, which enables kids up to 18 years to transact and save with the benefit of earning a preferential interest. It is an extension of the Nedbank 4me Market Days Programme, which is aimed at instilling sound money management, financial fitness principles and an entrepreneurial spirit into young people.

"We are delighted to bring this tool as part of our ongoing commitment to deliver a choice of distinctive banking experiences and innovative solutions for our clients, following the recently launched MyFinancialLife. The system works on a very simple premise of joint responsibility between parents and their kids, allowing them to plan together and agree on a daily, weekly or monthly allowance amount. The allowance can be allocated to a set goal such as saving for an iPod or a school trip and linked to any of the four pillars," said Anton de Wet, managing executive, client engagement.

'Keeping track of how much parents give to their children as an allowance requires serious planning, monitoring and more importantly, accountability."

This prototype allowance-management tool for families can be accessed online at no cost to Nedbank and non-Nedbank clients. It will also be integrated with the MyFinancialLife online personal financial management tool later.

Features

• Parents can set medium- or long-term savings goals and track them online.
  
• Parents can set 'giving goals' and once the goals are reached a real donation can be made to a charity of their choice.
  
• Children can also earn extra money by doing jobs and chores.
  
• Parents can set a date when the virtual allowance will be received.

"Parents can register and create personal profiles for their kids, have the power to give their kids partial or full access to the tool and can stay in touch with their kids' activities through this virtual portal. This tool will be very helpful to parents who are devoted to introducing their kids to the culture of financial fitness from an early age. This is an imperative if we want to create a vibrant society and responsible future leaders. As a bank for all we believe it is vital for banks to continue providing innovative tools and relevant products and services for our clients," concludes de Wet.

For further information, go to az.oc.knabden@pamyenomym.