FinPod FAQ: The Latest Financial Education App Explains How To Help Children Develop Financial Habits

FinPod is the first one-stop mobile app that integrates parent-child, fun, and financial education, introducing daily life and games to cultivate financial literacy. It transforms daily life into various tasks and savings goals, breaking the old paradigm of learning only from books and classrooms. Fancy a novel approach to let your kids learn about financial management under an outside-of-the-box FinPod framework? The FAQ below introduces to you what FinPod is about and how we do it.

General Questions

How do I use FinPod?

All you need is a cell phone! With FinPod App downloaded, your children will be able to practice healthy money management anytime, anywhere, at home or on the move. Your kids can see everything on the FinPod App about their tasks and objectives assigned to them, their savings and rewards, as well as their setting their eyes on the most coveted prizes – say if your kids want to buy a PS5, then let them work and save for it!

The FinPod App has both the “Parent Mode” and “Child Mode” user interfaces. Parents may manage the financial goals of their children at any time, as well as monitor task progress, review tasks, and distribute rewards in real-time. In order to increase engagement and promote independence and self-discipline, children can view their assigned tasks on their separate Child account through their parents’ cell phones, where they can regularly check the tasks off the lists, and follow the progress of their savings goals. When your child is old enough to own his/her own cell phone, FinPod can be installed on a child’s own cell phone and paired with the parent’s account to allow syncing of account information.

Refer to the FinPod App Quick Start Guide for a list of all the functions in detail.

Do I have to pay to use FinPod?

All of FinPod’s core features, including both the parent and child accounts, are FREE of charge to use. You can freely explore FinPod with your child and make every moment of your life a chance to learn about finances.

Does FinPod need my credit card or ID?

No! We respect your right to privacy and only collect the most basic data from our users. We do NOT ask users to submit their ID or credit card details as a prerequisite for using the FinPod App.

What ages of children is FinPod for?

The goal of FinPod is to teach kids between 6 to 12 practical financial skills while engaging in daily tasks, as we believe they should be more than ready to learn and start developing sound financial habits through their everyday lives.

Does the FinPod account show real-world money?

All money and transactions are presented virtually in the current version of FinPod. This is solely accessible to users for electronic bookkeeping among family members and does not reflect actual currency.

FinPod will soon release a family banking function that incorporates internet banking into your day-to-day interactions with your kids. Please stay tuned for updates!

What is the background of FinPod?

FinPod was founded by former senior investment banking and private wealth management experts, with a team of founding members and advisors coming from the world’s largest financial institutions, technology companies and unicorn start-ups. It is currently headquartered in Hong Kong.

How to download FinPod?

You may download the latest FinPod App from Apple App Storeor Google Play Store for free anytime.

Financial Literacy Questions

Should I give my children exposure to money now?

If you already start giving your children regular pocket money, that is the basic financial education. This lets children make purchase decisions with limited money. But to further step up children’s financial literacy, we should children to experience making money and savings on their own, instead of just spending all the pocket money they get at once.

FinPod takes an extra step for children, through FinPod we can ask children to earn corresponding rewards by completing designated tasks, such as doing homework, studying, washing dishes, etc. Gradually understand the concept of giving and rewarding, which will help children know how to allocate the money they have in the future.

Should I link housework with pocket money?

Parents may feel that it is the children’s responsibility to do housework, and money should not be used as bait. Of course, children can be asked to do housework unconditionally, but in fact, this will waste an opportunity for children to learn. FinPod is here to make housework more meaningful. Firstly the app can reduce parents’ burden. Secondly, it can let children develop financial literacy. More importantly, it allows children to establish initiatives to take up responsibilities and gives them a reason to be willing to do housework.

Operational Questions

My children do not have phones. Can they use FinPod?

Yes. FinPod can be used by parents and children at the same time, by switching between “parent mode” and “kid mode”. Parents can first create their own account, and then set up one or several sub-accounts for their children to use exclusively. You can switch FinPod to the sub-account in “kid mode”, and then pass the phone to the child to use.

When the children grow up and own their personal mobile phones, the children can also install FinPod on their phones and pair it with the parent’s account to transfer the children’s account information to the new phone.

Will my children struggle with using FinPod?

Don’t worry! Children’s learning ability is higher than we think. FinPod is mainly represented by images and diagrams, and it also has a built-in education corner, where you can directly learn the use and operation of each function. Children can also use financial games to learn financial management in a more vivid and direct form.

Will my children get addicted? How can I prevent that?

Unlike the general addictive online games, the role of FinPod is to present financial concepts that are difficult to convey to children in the most attractive way. Every content is beneficial and educational. Instead of letting children regard mobile phones as pure entertainment tools, FinPod starts from the concept of education and parenting, adding entertainment elements and functions to deal with daily chores, allowing you and your children to learn and practice financial knowledge from life together. Of course, you can also use FinPod’s built-in parental lock function and game time limit mechanism to prevent children from using the phone for a long time.

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Download the latest FinPod App from Apple App Store or Google Play Store now!