MyMonii teaches children the concept of money with a digital pocket money system
The fintech startup, MyMonii has an ambitious mission: To teach Danish children – ages 6 and up – the concept of money and how to make financially responsible decisions. Louise Ferslev is the CEO and Co-founder of MyMonii and in this interview, she explains how the company provides kids with a free ‘pocket money’ app to manage their allowance.
"MyMonii responds to the fact that today’s children don't see their money, because the vast majority of transactions are completed online. In fact, many parents don’t even carry cash in their wallets or provide their kids with a physical allowance. When combined with the remarkably effective marketing techniques that push consumers to make new purchases all the time, money is a challenging concept to grasp."
We’re afraid that today’s children will end up in traps of overspending because they don't understand the concept of money or the larger economy
"Perhaps not surprisingly, given the highly effective marketing strategies and frictionless payment methods, Western society is fixated on spending money and consuming. Tools like Apple Pay will soon enable you to make purchases from your smartphone in the blink of an eye. What’s more, lots of companies are competing to provide young people with loans, subscription models, and overdraft options. Cutting against this trend, we want to help children understand the true value of money and how it relates to their lifestyle and financial goals, so that when they turn 18 and become independent, they won’t fall into debt."
"The MyMonii app shows kids the value of their money in terms they can understand. Not only can they track their expenses, they can create financial goals and save up to reach them. If a kid wants to buy a new bicycle or skateboard, the app helps them to understand timelines. For instance, if they continue to follow certain spending habits, then they won't be able to buy the skateboard for another five months. Alternatively, the app shows them that if they change their habits just a little, they can purchase it much faster."
"Denmark not only continues to digitise money, it has an ‘open door culture’ generally. And fintech is no exception."
We don’t see a future for traditional banking for at least the next 10 years; it’s a generational issue
"Since banks are slow and ill-equipped to adapt to ‘digital disruption’, the team behind MyMonii doesn’t see a future for the traditional brick and mortar savings institute for the next 10 years. Older generations’ assets are tied up in their mortgages, whereas the new generation will move on quickly. They only need a primary wallet for their savings, and will make use of a number of online services for the rest – which likely won’t include a traditional bank accounts and their opaque services and unnecessary fees. Currently, MyMonii targets children and youth (ages 6-15) who want to save their money. Though the app does not offer the full services of a bank, they’ll get there soon."
Kids who have already been with us for five years will soon have new banking needs, and we are prepared to continue meeting their needs as they evolve
"When we started, we conceived of three stages for our product. First, we wanted to build a pocket money system, which we’ve done over the past five years. Second, we wanted to provide kids with a payment solution, and we built this in last year with MasterCard. The third stage is banking, and that's our roadmap for the next couple of years as our users age."
"The kids who have already been with us for five years will soon land their first part-time or summer jobs. Once that happens, their banking needs will evolve and we will already be ahead of them. Part of our mandate is to teach parents that the world is changing quickly and that there are so many companies whose business is to persuade us to buy things that we don’t need. At MyMonii, we want to make sure that we are working in partnership with parents – to help their kids become financially responsible."