Kwidz is a mobile app designed to introduce kids ages 8 to 16 to the fundamentals of personal finance. With the app, they can set savings goals, view transactions, and track their success.
As a parent, you can also use the existing To-dos functionality within myprosperity to assign chores that your kids can view and complete via the app.
How to enable Kwidz for your child
For Kwidz to work, you’ll need to sync your child’s bank account so you’ll want to make sure you are on a Pro wealth portal subscription. For more information on how to sync a bank account, click here.
- Login to your wealth portal and navigate to “myteam”.
- If your child isn’t already in there, add them.
- Under the Kwidz tab in your child’s profile, enable Kwidz. Type in the email address you want to associate with the account (this is the email that will be used to set a password and login to Kwidz) and select your child’s bank account.
Note: You may find that syncing a new bank account creates a duplicate entry in mywealth for accounts you’d previously synced. You can easily delete those by clicking on the duplicates and hitting the delete button.
- Check that email address for the account activation email, as well as the Kwidz welcome email, which has instructions on how to set a password and download the app.
- Download the app from the Apple App Store or Google Play Store on the phone your child most often uses.
- Log them in and they are good to go!
How Kwidz works
Kwidz is a simple app with a few key features that will have you and your child coming back for more.
- Your child can customise their profile picture and the app’s theme to match their style.
- They can create a goal, upload a picture, track transactions, and complete it once it’s been achieved.
- Every time they login, they’ll be shown a finance tip with some basic suggestions on good money management practices.
- As a parent, you can assign chores to your child via your wealth portal’s To-do functionality which will be displayed in their Kwidz app. In future, when a child completes a chore, you’ll be sent a notification prompting you to transfer the amount associated with that chore from your bank account to theirs.
How to assign a chore via your wealth portal
- Log in to your wealth portal and navigate to mygoals.
- Click on “Create To-do”.
- Outline the chore (e.g. “Clean my room”, “mow the lawn”, “do the washing”, etc.). Assign it to your child, then set a due date. For more information on To-dos, click here.
- The To-do will be shown in your child’s Kwidz account. They can mark the task as complete when done and view past chores in the Archive.
Can a child make a transaction through Kwidz?
No. Kwidz only displays transactions and cannot be used to pay for anything or transfer funds from one account to another.
Is Kwidz secure?
Absolutely. Kwidz, like the rest of myprosperity, is very secure. Data is encrypted using bank grade security, and as the service is view-only, no funds can be transferred via the platform.
How much does Kwidz cost?
Kwidz is free for all clients with a Pro wealth portal subscription. There are lots of benefits to being a Pro subscriber, including live bank feeds for fluid cashflow tracking, month property online valuations, document storage and so much more. Talk to your adviser today about getting your Pro subscription.