What is Guardian Savings?

 

Become a pilot family and make a difference!

As a pilot family, you will give your children a head start in understanding personal finance and make a difference in shaping a new education model that can help millions of people.

App Access: The app is accessible through your internet browser: on your phone, tablet, or desktop. Note that this is a web-app and not an app from the app store. However, follow these steps to save the web-app to your phone’s home screen so it appears like your other apps.

Before using the app: We would GREATLY appreciate it if you took a pre-app-use questionnaire. We have questions for you to ask your child about their financial habits and knowledge. Answering these questions before and after using the app will help get data on how effective the app is at teaching.   

Basic requirements

  • Have children between 2nd and 8th grade (or older if you think it is appropriate)

  • Possess a smartphone with an internet connection

While our vision is to cater to children of all ages, we are initially launching modules for younger ages.

What you will do

Introduce and Set-Up the App: Talk to your children about how you are opening a new bank account for them where their money will grow and they will always have access to it, wherever there is a smartphone. Encourage your child to “deposit” their piggy bank savings into their Guardian Savings account. Read more about how to talk to your child about Guardian Savings.

Empower your Children: Give your children decision making power to spend their own money how they see fit (within reason). They will begin to learn from their purchasing successes and mistakes, while also be introduced to banking concepts.

Administer the account: The app functions by making parents the bankers and ATMs for their children. When your child wants to deposit money, they give you cash and record the transaction in the app. Parents are expected to approve/deny entries made into the app within a reasonable time frame.

What to expect from the app

This app is in its beta stage and can be improved in a variety of different ways. We are using this time period to understand what works and what needs improvement. Please share your thoughts on the overall app or on a specific experience you had - we would love to hear your thoughts send us an email or fill out our feedback form.

Not sure if you’re ready? Your children will learn a lot

  • Learning through practice and empowerment: Our app empowers your children to make their own decisions about money, helping them learn through experience. When they are at the mall or supermarket, they will now have access to their money and will be faced with decisions around their limited resources, helping them learn which spending makes them happy. Our goal is that they stop wanting everything in the store and become more savvy about money.

  • Opportunity Cost: We let parents choose (and fund) an interest rate for their children. Your children will learn that their savings earn them money, and give more consideration to their purchases, given the loss of future income. This parallels the real world of investing and also creates an opportunity cost which will help your child focus their spending on things that will truly make them happy. This feature aims to instill core finance principles like the time value of money and emphasize the sweet rewards (and dangers) of interest.

  • Needs vs Wants: Whenever your child chooses to withdraw money, they have to indicate whether the money will be spent on a need vs want. This question and your coaching will help your child differentiate between needs and wants, indoctrinating a lifetime habit of thinking about needs vs wants when making purchases to encourage less spending on impulse purchases that do not increase our happiness.

  • Long term thinking: Our app design emphasizes a long term view when it comes to savings. Too often as adults we think about financial decisions in terms of the next month rather than the next five years, which can distract us from long term financial goals, like owning a home, pursuing higher education, or starting a business. Our landing page will help shape your children to think about their savings with a long-term time horizon.