Kindervest 1.0 Case study

KinderVest

Planting seeds of financial literacy in kids

Overview

Kindervest is an innovative mobile application aimed at teaching children essential financial skills from an early age. Recognizing the importance of financial literacy, especially in a rapidly changing digital world, Kindervest provides a fun and educational platform for kids aged six to twelve. Our unique value proposition lies in our ability to blend engaging gamification techniques with robust educational content and partnering with schools, making financial literacy not just a lesson, but an adventure.

Design Process

Inspiration:

Once upon a time in Witzenhausen, Germany…

As a passionate product manager with a vision: to empower the next generation of financially savvy kids. Inspired by my own childhood experiences (where I saw first-hand, how people made terrible financial choices in their youth, squandering their wealth and later living with regrets) and fueled by my friends and neighbor’s struggles, I embarked on a mission to create something truly impactful — a digital companion that would demystify money, ignite curiosity, and plant the seeds of financial wisdom at an early age.

Discovery Phase

As internationals living and studying in Germany, I saw my married colleagues raise their children with a blend of cultures and languages. They shared a common desire: to equip their little ones with more than just the basics of languages, ABCs and multiplication tables. Oftentimes, we would go on walks with the children. It was fun; having them scream, laugh, play and saying amusing things.

Beyond the giggles, I noticed something else — their curiosity about money. The way they squinted at price tags, ask about coins, and asked questions like “Why does Papa work so hard?” “Why is Papa not always at home?” “How does Mama buy our favorite ice cream?”.

My neighbor, Frau Müller, shared her concerns during a cozy afternoon coffee. Her seven-year-old son, Lukas, had little interest in writing — penmanship was a chore for him. Her experience mirroed those of my friends.

One thing worthy of note is that, the kids enjoyed watching cartoons, playing with gadgets or anything with screens but had little interest in writing and arithmetics. This was worrisome for the parents. But I wondered,

“What if we could teach kids about money as naturally as they learn to write?”

Brainstorming

I gathered some of my friends on our usual games night — fellow professionals who believed in the power of early education. We brainstormed ideas, fueled by some German bread and FIFA. The name KinderVest emerged — a blend of “Kinder” (children) and “Invest.” It felt right — a promise of growth, like a tiny seed destined to become a mighty oak.

We further went on to discuss features beyond just learning to include a savings tracker, virtual piggybank, donations and exposure to the stock markets and investment with virtual money with a set age limit to unlock this feature.

Interviews

I didn’t stop there. I reached out to parents across the state of Hessen and Lower Saxony, from the bustling Frankfurt to Göttingen and beyond. I listened to their stories — the bedtime conversations about pocket money, the piggy banks hidden under beds, and the curious eyes watching adults handle coins and bills.

But I knew I needed more. I visited Herr Schmidt, a dedicated elementary school teacher in Witzenhausen. His classroom smelled of chalk and possibility. Herr Schmidt shared the struggles: kids with short attention spans, left-handed scribbles, and the challenge of making finances relatable.

Identifying Problems

From these heartfelt conversations, I uncovered the shared struggles:

1. Lack of Interest: Numbers are boring but money isn’t. Kids need financial education to spark their curiosity. Money isn’t just numbers; it is dreams, choices, and possibilities.
2. Attention Span: Like butterflies flitting from flower to flower, young minds needed engaging lessons in little bits.
3. Guidance: Parents and teachers struggle with explaining complex concepts. How could they hold their child’s hand through the maze of financial literacy?
4. Left-Handed Challenges: Lefties faced unique hurdles — writing neatly, handling coins, and understanding the world from a different angle.

Research

From the information I garnered from the interviews, my heart swelled with purpose. I continued to do extensive research late into the night; studying behavioral patterns of kids. Certain things struck me about them. They are:

• Children love a reward system; it boosts their self-esteem and makes them happy.
• They enjoy audio and visual feedback (claps, thumbs up, cheers etc.)
• Some are quite sensitive to colors
• Excessive content overwhelm them

I surveyed a total of 498 parents in both states (Hessen and Lower Saxony) about pocket money and financial education in their homes. According to the respondents, 86% of parents give their kids (between the ages of 4 and 14) pocket money while the remaining 14% do not.

Out of the 86% parents that give their wards pocket money, it was necessary to know how often they give them these monies. 48% monthly, 32% weekly and the remaining 20% gave them whenever they needed money.

Another interesting thing that struck me was that 32% of them review (upward or downward) their kids’ pocket money based on the kids’ behaviour.

According to respondents, 92% of them want more financial education for their kids, 48% make conscious efforts to educate their kids about money at homes yet only 14% of them currently use digital tools to teach them.

This makes a strong case for KinderVest as a digital tool to teach young minds about money.

Having discovered the common problems and challenges during my research, I sought out to understand how it was best to design and develop digital products for kids. I came across D4CR https://childrensdesignguide.org/. It discusses children’s rights when building products and services in 10 guidelines.

As KinderVest is tailored to developing financial literacy in kids at an early age, the D4CR guidelines will be immensely helpful. So I picked four guidelines that closely aligns with KinderVest’s goals while designing this product.

The Promise of KinderVest

• Early Roots: KinderVest would teach kids about saving, investing, and budgeting. It would be their garden of financial knowledge.
• Left-Handed Heroes: Lefties would find a friendly interface, designed just for them. No more awkward pencil grips or smudged ink.
• Parent-Child Bonds: KinderVest would bridge conversations between generations. Parents and kids would explore together, planting dreams side by side.

Next Steps

As we move forward, our focus will be on design, development, iterative testing and feedback.

To-do:

1. Sketch wireframes
2. Design hi-fidelity prototype
3. Conduct a controlled testing (with my friends’ and neighbor’s kids).
4. Launch a beta version to gather user feedback and refine our features.
5. Measure success through user engagement metrics, learning outcomes, and feedback from both children and parents.

Product Roadmap

1. Sketch Wireframes

• Timeline: 1week
• Milestone: Completion of initial wireframes
• Deliverable: Basic wireframe sketches of key app screens

2. Design Hi-Fidelity Prototype

• Timeline: 4 weeks (including feedback iterations)
• Milestone: Finalized hi-fidelity prototype
• Deliverable: Interactive prototype with detailed UI/UX design

3. Conduct Controlled Testing

• Timeline: 3 weeks
• Milestone: User feedback collection and analysis
• Deliverable: Report on testing results, including key insights and areas for improvement

4. Launch Beta Version

• Timeline: 6 weeks (including development and QA)
• Milestone: Beta version released to a select group of users
• Deliverable: Beta app, feedback collection plan, and initial feedback

5. Refine Features Based on Feedback

• Timeline: 4 weeks
• Milestone: Updated app with refined features
• Deliverable: Improved app version based on beta feedback

6. Full Launch Preparation

• Timeline: 8 weeks (including marketing and user acquisition strategies)
• Milestone: Ready for full launch
• Deliverable: Launch-ready app, marketing materials, and user acquisition plan

Marketing and User Acquisition Strategies Post-Beta Launch

1. Social Media Campaign

• Objective: Build awareness and generate interest among parents and educators
• Channels: Facebook, Instagram, Twitter, LinkedIn
• Content: Educational posts, testimonials, video demos, influencer partnerships
• Timeline: 4 weeks before and 4 weeks after launch
• Milestone: Reach 50,000 parents and educators
• Metrics: Engagement rates, follower growth, click-through rates

2. Content Marketing

• Objective: Establish Kindervest as a thought leader in children’s financial education
• Channels: Blog, guest posts, educational resources
• Content: Articles on financial literacy, tips for parents, success stories
• Timeline: Ongoing
• Milestone: Publish 10 high-quality articles and resources
• Metrics: Website traffic, time on site, downloads of educational materials

3. Partnerships with Schools and Educational Institutions

• Objective: Integrate Kindervest into school curriculums and extracurricular programs
• Channels: Direct outreach, educational conferences, webinars
• Content: Custom curriculum guides, training sessions for teachers
• Timeline: 6 weeks before and 12 weeks after launch
• Milestone: Establish partnerships with 20 schools or educational institutions
• Metrics: Number of partnerships, student usage rates

4. Referral Program

• Objective: Encourage word-of-mouth marketing among parents
• Channels: In-app referral system, email campaigns
• Content: Incentives such as free premium features or discounts
• Timeline: Launch at full app release
• Milestone: Achieve 10,000 app downloads through referrals within the first 3 months
• Metrics: Referral rates, conversion rates

Our goal is to continuously improve Kindervest, making it the premier financial literacy tool for young minds.