Kids who use technology to track their finances have a better understanding of the value of money than those who don't, according to the Westpac NZ Kids and Money Report.
The report states that children who use technology to track their pocket money savings are twice as likely (66 per cent) to understand the value of money than those who don't (31 per cent).
The survey was commissioned by the company to understand the money habits of children, coinciding with the launch of a money management mobile app, Cash Critter.
"These kids are digital natives, raised with technology and using it is second nature to them. Parents can harness tools like Cash Critter to expand and improve their children's understanding of money," says Simon Pomeroy, Westpac's head of digital banking and customer experience.
Cash Critter, which is currently available from the iTunes store, can help parents set chores for the child and alert them when the chore has been completed. It can automatically adjust the money that parents need to pay and help them keep track of amounts besides pocket money that children are paid.
Cash Critter allows for account-to-account transfer with a Westpac transaction account. According to Westpac, future updates of the app will enable integration with Facebook and allow deposits to Westpac Kiwsaver accounts to help parents foster long term savings habits in children.