Money Management App – In the second Pre-Summit for Youth 20 (Y20) in Lombok, the Indonesian government discussed young people's low level of awareness about digital finance. Even though digital technology is not new for young people today, almost half of their free time is wasted by being glued to their gadgets.
In addition, Indonesia has given birth to a new generation of parents. The generation born with technological developments has an open mind on the importance of managing finances. Unfortunately, 67% of them need to learn how to teach how to manage finances to their children. This happens because of the lack of financial literacy from an early age and the absence of lessons in the school curriculum.
Financial literacy in Indonesia will increase if young people go out of their way to seek information outside of formal education at school. Parents should also participate in helping children introduce financial literacy from an early age. Parents can start teaching their children by utilizing digital products that provide financial services, one of which is Whiz, a money management app. Whiz, a money management app.
Also Read: The Role of Parental Supervision in Children's Financial Activities, What Is It?
What is The Whiz Money Management App?
Whiz is here as a solution to solve the problem of digital financial literacy in Indonesia. Whiz is a family-friendly money management app for both children and parents. With Whiz, children can learn to manage their finances, make financial transactions even if they don't have an ID card, and understand digital finance.
In addition, parents can also monitor their children's financial activities more efficiently, give pocket money digitally, and provide rewards for their children's efforts in learning digital finance.
There are still many advantages the children will get with The Whiz financial application; Let's see what they are!
Benefits of Whiz Digital Money Management App for Parents
1. Giving Pocket Money with Scheduled Payments
Giving Pocket Money with Scheduled PaymentsWith the change of financial activity to cashless. Giving pocket money to children also needs to adapt to a cashless form.
In giving pocket money, there must be a schedule determined by parents, whether it's daily, weekly, or monthly. With the Whiz application, parents can remember to give pocket money to their children.
Parents can set a schedule to give pocket money to their children digitally. The child's pocket money will be automatically sent to the child's account following the plan. It's easier because everything is digital.
2. Monitor Children's Financial Activities
When letting children manage their finances, parents must be worried about whether children can handle them well or not. What do children spend? Is it used to buy game vouchers or school supplies?
With the Whiz app, parents don't have to worry anymore. Whiz has features that make it easier for parents to monitor their children's financial activities. Children can start being confident in managing their own money, and parents can stay calm because they can monitor their children's activities. A win-win solution , right?
3. Supervision Level Adjustment
"My child is grown and can manage his finances" Make no mistake, parents and older children also still need financial supervision.
With the Whiz monitoring feature, parents can adjust the child's level of supervision, such as setting the child's spending limit, getting notifications of transactions made by the child, and much more. For complete information, you can check it here!!
4. Giving Rewards on Children's Effort
Teaching finance to children can be done by creating assignments through the Whiz money management app and providing rewarding if they can finish them. Rewards an be in the form of money or other gifts. That way, the child can learn that it takes effort and hard work to get what they want, either cash or other gifts.
Read also: Differences in Financial Applications, Digital Banks, and E-wallet, What's the Difference?
Benefits of Whiz Digital Money Management Application for Children
1. Pay and Buy Your Own Snacks Cashless
Currently, cashless payments are increasingly popular in Indonesia. Even roadside stalls are starting to provide QR codes as a payment method. With such developments, children must begin to familiarize themselves with digital finance.
The Whiz application, as a money management application, also has features for making payments, starting from buying goods at online shops, paying with QR codes, and much more. That way, children can learn digital financial products and make cashless transactions.
2. Send and Receive Money Digitally
Currently, children do not need to create a bank account to be able to make digital transactions, especially to send and receive money. With the Whiz App, children can learn to make digital transactions and send/receive money from friends and family.
With the Whiz Application, apart from being a means of payment, children can also send and receive money digitally. Sending money to friends and family just got easier.
3. Complete Tasks, Earn Extra Money
It can be difficult for parents to teach children where the money comes from. There are also moments when the child whines for extra cash. Parents can create tasks such as asking children to clean the house, do homework, help wash the dishes, etc.
Then, provide additional pocket money due to the child's efforts. That way, the child will understand the struggle of earning money.
4. Save and Achieve Savings Target
Financial literacy can be started by teaching children to save and make their savings targets. Parents can teach children to make bags using the Whiz application and create achievable targets.
Setting a savings target will help build children's motivation to meet these targets immediately. Children will feel that saving is fun, especially when their savings finally reach the target.
That way, children will have the habit of saving money early.
Also Read: Pocket Money Features on Whiz Money Management App
There you have some of the benefits of digital money management applications. With the development of more digital technology, parents also need to teach and introduce their children to digital financial literacy. Keep your child from learning to manage finances too late and grow up with good financial habits.
For you new users, there is an interesting promo from Whiz. Read on for the terms and conditions.
Program period starts from 23 September 2022 to 29 September 2022.
- Participant Requirements:
a) Whiz users are the type of parents who download (download) Whiz after the promo is published
b) The user must register an account (sign up) and successfully verify the account
c) Users domiciled in Greater Jakarta, Bandung, and Surabaya - Prize Claim Terms:
a) Program participants have met the requirements 1 no (a) and (b),
b) Prizes in the form of a balance bonus of IDR 25,000, which will be given to the first 50 people every day during the program period
c) Have never made a claim for prizes from any promo program organized by Whiz or Whiz mitra partners
d) Only new user data that has met the requirements will be taken into account as the basis for claiming prizes
e) Prizes will be topup to the Main Wallet Balance of the Winner's Whiz account at a maximum of H+7 since the account was successfully verified
- This program is voluntary and free.
- The determination of the winners is Whiz's absolute authority.
- Whiz has the right to cancel the program at any time or cancel the awarding of prizes if in participating in this program the Participant is indicated by fraud without the need to prove it to the Participant.
- These Terms and Conditions may change from time to time at Whiz's discretion.
- The program does not apply to Whiz employees.
- Participants acknowledge and comply with the terms and conditions by participating in this program.
Program period starts from 5 September 2022 to 22 September 2022.
- Participant Requirements:
a) Whiz users, the type of parents and children who download (download) Whiz after the promo is published
b) The user must register an account (sign up) and successfully verify the account - Prize Claim Terms:
a) Program participants have met the requirements 1 no (a) and (b),
b) Prizes in the form of a balance bonus of IDR 25,000, which will be given to the first 50 people every day during the program period
c) Have never made a claim for prizes from any promo program organized by Whiz or Whiz mitra partners
d) Only new user data that has met the requirements will be taken into account as the basis for claiming prizes
e) Prizes will be topup to the Main Wallet Balance of the Winner's Whiz account at a maximum of H+7 since the account was successfully verified
- This program is voluntary and free.
- The determination of the winners is Whiz's absolute authority.
- Whiz has the right to cancel the program at any time or cancel the awarding of prizes if in participating in this program the Participant is indicated by fraud without the need to prove it to the Participant.
- These Terms and Conditions may change from time to time at Whiz's discretion.
- The program does not apply to Whiz employees.
- Participants acknowledge and comply with the terms and conditions by participating in this program.
Download the Whiz Application as a Children's Digital Financial Solution!
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