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Sanlam’s Savings Jar app gamifies saving for kids

July is National Savings Month in South Africa, but given the chaos of the pandemic, unrest and riots over the past few weeks, saving might have been the last thing on your list of important things to do. Nevertheless it is something to get into the habit of doing and is worthwhile starting at as young an age as possible, which brings us to the Savings Jar app that Sanlam unveiled earlier in the month.

The app is crucially free, with the financial institution billing it as a first-of-its-kind app to help children start a journey of, “financial confidence by setting them on the path to savvy savings habits for life.” 

The Savings Jar also makes use of gamification and storytelling in order to pique and keep children’s interest.

“Children become young dragon masters embarking on a fantastical quest. The more they save, the more their mystical dragon grows. Gamification is used to incentivise goal setting and bring the topic of saving to life,” explains Sanlam in a press release sent to Hypertext.

“We know that gamification is a powerful means to educate young people. The Sanlam Savings Jar breaks down basic financial concepts, like planning, goal setting, needs versus wants, and appreciation of money and how to earn it. It’s critical to teach children these concepts early on as habits are formed from as young as seven,” adds Mariska Oosthuizen, head of Brand at Sanlam.

The app is available on iOS and Android, with Sanlam encouraging parents to download it for their kids.

Whether gamifying the experience will have the desired result remains to be seen, but research has shown that it is an effective tool in education younger minds on concepts that they otherwise would not be interested in.

Speaking about how the mechanics in gamified products can prove beneficial, Marilize Botha, occupational therapist, says, “That’s when we learn and retain information much more easily. For example, when children play games like hopscotch, they’re learning maths without being aware of it.”

Added to this is the competitive competent of gamified apps, which children also respond well too.

“For example, a child has to apply the learned skill to reach their goal. That’s when the repetition aspect lays down and consolidates the skill,” Botha concludes.

To find out more about the Savings Jar app, head here.

 

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