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 add/sync a bank account, click here.
- Login to your wealth portal and navigate to Team.
- If your child isn’t already a team member, add them to your team (click here for help adding a team member).
- Under the Kwidz tab in your child’s profile, Edit details and enable Kwidz (Agree to terms and conditions).
- 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.
- Click "Save".
- Once complete, your child should check their email account 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.
- Your child should download the app from the Apple App Store or Google Play Store on their phone.
- Get them to log in using the newly created credentials 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 mark the goal complete 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 Goals.
- 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 is view-only, the transactions are displayed but cannot be used to pay for anything or transfer funds from one account to another.
Is Kwidz secure?
Absolutely. Kwidz, like the rest of your wealth portal, 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.
Can a child have multiple bank accounts in Kwidz?
Kwidz only supports one bank account per child. This is to ensure that the system is simple enough for children of all ages to understand, while allowing them to interact with their money on a concrete level. While multiple accounts cannot be linked up with Kwidz, your kids' remaining financial interests can still be added to the standard wealth portal.