With growing options for cashless payments – eftpos, credit cards, smartphones, and now even Apple Pay – carrying cash around is becoming something of a rarity in New Zealand.
ASB is now shaking up how kids learn about savings by launching Clever Kash.
What is Clever Kash?
ASB’s Clever Kash operates by using the bank’s mobile app to swipe virtual notes and coins towards Clever Kash, a physical money box in the shape of an elephant.
Clever Kash then displays the child’s account balance, so they can see how much they have saved up, the ASB website explains.
“ASB is committed to improving financial literacy throughout New Zealand, and it starts with the kids. That’s why the first run of Clever Kash is completely free to New Zealand families who qualify,” the website states.
ASB’s logic, from talking with customers, is that it’s becoming harder to teach children about money because they can’t touch it and see it, says ASB Chief Architect James Bergin in a video explaining Clever Kash.
“Anything we could do to make that a richer, more tangible experience would be beneficial,” Mr Bergin says in the video.
How to sign up for ASB’s Clever Kash
If you’re already an ASB customer, you can sign up to get Clever Kash via the banking app – but you’ll be added to a waiting list before you can receive your own money box.
To be eligible to receive Clever Kash, you have to be a parent or guardian of a child aged between 4 and 12 years and living in New Zealand. The parent or guardian needs an ASB transaction account and the child must have an ASB savings account. If the child doesn’t have a savings account, you can open one when you order Clever Kash.
To join the waiting list, log into the ASB mobile app, select “Clever Kash” from the main menu, then tap the “join the waiting list” button.
If you’re not an ASB customer, you have to sign up with the bank first to apply for the virtual piggy bank system, starting with joining ASB online.
ASB also runs a financial literacy programme for kids called ASB GetWise. The bank has delivered 25,000 sessions to more than 630,000 registered students. The programme covers a range of financial tools, including separating “needs” from “wants”, goal setting with money, and creating a chore chart for earning pocket money.