GoHenry’s Money Missions, an in-app gamified learning platform, is proving to be successful in helping kids and teens boost their savings, according to research.
The joint study by GoHenry and the University of St Andrews has shown that children who engage with the Money Missions are saving considerably more than their peers who do not.
Money Missions, which offer interactive lessons covering key financial concepts, are having a significant effect on the saving habits of its users. The platform offers a full curriculum on financial education including concepts such as earning, saving, investing, responsible spending, credit and money safety.
The research, led by Dr Marcel Lukas and colleagues from the University of Durham and Texas A&M University, has delivered some key findings. After completing the first Money Mission, kids have increased their savings by over 30%. Additionally, three months post-mission, kids continue to save 10% more than those who haven’t completed a mission. Furthermore, kids who have finished all Level 1 Money Missions are saving an average of 50% more than before they began.
GoHenry’s co-founder and COO, Louise Hill, said, “Collaborating with the University of St Andrews and Dr Lukas allows us to combine academic insights and our practical experience to create data-driven interventions, empowering children to establish a strong foundation for financial literacy. It’s been fascinating to see the preliminary results; I can’t wait to see what else the collaboration will unveil and how we can use these findings to further promote financial wellbeing for all.”
Dr Marcel Lukas, a financial decision-making expert, said, “We are delighted to partner with GoHenry on this important initiative. Our goal is to better understand how we can support children with the skills and knowledge they need to make informed financial decisions, fostering a generation of financially responsible individuals. Our early results show that kids who use GoHenry’s Money Missions end up saving more money, showing just how important our partnership could be.”
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