FinCoins show patterns similar to Fiat like inflation etc.
Configurable conversion factors by parents
Can be used to gain in-app advantages like virtual investing and virtual financial decisions.
The best way to earn FinCoins in the App is through completing daily chores.
The whole user experience of the app is designed in such a way that it is easy to operate by youth as well as parents
Each financial term is explained using comprehensive visualisations and interactions
The whole process is designed like a game which the players will crave to play more!
“Look at the mortgage crisis and how many families lost their homes — 3.9 million foreclosures. Look at the amount of money — $1.1 trillion—we owe in student loan debt. The amount — $845 billion — we owe in credit card debt. It’s pretty clear that even adults don’t know much about money. To help the next generation avoid the mistakes of their elders, and to live financially fit lives, they need to be taught the essentials about money,”
FinLearn awards youth with virtual money called FinCoins when they complete their daily tasks which include things like making their bed, studying, going for physical activity etc.
These tasks are configurable by the parents. The parents also decide the conversion between FinCoins and Fiat.
The learning is divided into modules and levels and each module completion leads the players to earn FinCoins. The players are also presented financial choices where choosing the correct option leads the players to earn more FinCoins and vice versa. The children can see their balance go up and down as they progress their way through the app. Along with this, there are modules which teach the youth financial terms and aspects starting from simple things like what is money and how to make money decisions to complex things like inflation and deflation. Things like banking, financing, stocks and funds are also taught. We have also added interesting things like decreasing the value of FinCoins when teaching about inflation and then increasing the value of FinCoins during the deflation level. At the end of each module, therefore, the players will have more return indirectly. Also, the players are only allowed to withdraw the money (By asking their parents to give them equivalent of the FinCoins) when they have completed a module. This allows us to employ things like changing value of FinCoins as said above.
FinLearn progresses in a way that encourages players to complete their daily tasks to earn more FinCoins and discourages them from spending their money on liabilities. It instils in them important financial skills which will benefit them in the adult life. In a nutshell, FinLearn transfers the whole concept of pocket money as we know it.