The first herd of elephant-shaped cashless money boxes are making their way into Kiwi homes as part of ASB’s investment to inspire Kiwi kids to save and learn about money.
Clever Kash money boxes will first be given to families who have joined ASB’s waiting list over the last year, aiming to get it into the hands of its littlest customers as soon as possible.
The innovative financial literacy tool is the next generation of ASB’s iconic yellow Kashin moneybox and aims to get children excited about saving with a digital twist to the pocket money experience.
Instead of holding physical notes and coins, Clever Kash will display the child’s account balance digitally by interacting with the ASB Mobile banking app. Rather than reach for their wallet at pocket money time, parents can ‘swipe’ virtual notes and coins from their phone to Clever Kash. The screen on Clever Kash’s tummy keeps count and shows the child’s progress towards their savings goals.
ASB Chief Executive Barbara Chapman says Clever Kash is arriving to great anticipation, with expressions of interest from more than 48,000 Kiwi families since the Clever Kash pilot was launched in September 2015.
Since then, more than 250 Kiwi families have been involved in extensive market testing, helping to fine-tune its development.
“Parents tell us they find it challenging to teach their kids about the value of money now that cash – physical notes and coins – is something we see, touch and use less often,” Ms Chapman says.
“We believe Clever Kash to be a global innovation and are delighted with the positive reaction it has received, confirming it’s a relevant and engaging tool for the digital age.
“This customer-focussed innovation extends ASB’s proud history of innovative firsts and solving customer problems using technology.”
“And as part of ASB’s commitment to financial literacy, we’re excited to announce that Clever Kash will be offered free, to help New Zealand parents motivate children towards their savings goals and establish positive money habits from an early age,” Ms Chapman says.
Research from ASB GetWise, New Zealand’s largest school financial literacy programme, reveals five-to-12-year-old New Zealanders hold a range of misconceptions about money and savings.
Common beliefs held by those in that age group include:
- ‘Money is magic and comes from a hole in the wall’
- '$100 is a lot of money’
- 'All plastic cards are called credit cards and have unlimited funds’
- ‘We earn money from the tooth fairy’
- 'If you don’t have a lot of money you can never be good with it’.
Clever Kash has been celebrated with a number of creativity and innovation awards including the Gold Lion in the cyber category at the Cannes Lions International Festival of Creativity in June 2016.
At home, Clever Kash was awarded the Grand Axis and Grand Prix in the digital and interactive category at the 2016 Axis Awards, which recognise creative excellence. Clever Kash also contributed to ASB winning Canstar’s 2016 Award for Bank of the Year – Junior Banking and most recently Clever Kash was awarded the People’s Choice Award at the NZ Innovation Awards 2016.
Customers interested in receiving Clever Kash can join the waiting list through the ASB Mobile banking app or visit our Clever Kash page for more information.