myprosperity has launched Kwidz.

A leading wealth portal, myprosperity has launched Kwidz, a financial literacy app geared to help advisers bridge the generational gap that currently exists in household finances. The app introduces children, aged eight and up, to the key concepts of personal finance, helping them set savings goals, view spendings and track success.

“We are excited to launch Kwidz as part of myprosperity’s platform to help teach children the fundamentals of finance. Kwidz helps children learn to manage their finances – including pocket money, savings and spendings – understand the value of money and take a team approach to reach their financial goals,” myprosperity CEO, Stephen Jäckel said.

The Kwidz app provides advisers with a tool to attract, educate and retain the next generation of clients as they take a whole of wealth approach to each household they service.

“By taking a multi-generational view of household finances, advisers are able to foster strong wealth management habits early on in a child’s financial life and help set them up for a brighter future,” Jäckel said, adding: “Kwidz is a great tool to engage Boomer, Gen X or millennial clients and demonstrate the value of advisory services and money across generations.”

Kwidz is quick and easy to use, kids can sync their bank account, track transactions, playfully customise their profile pic savings goals via the wealth management portal so managing the finances can become a family affair.

“Australian households are under mounting financial pressure with the climbing costs of living and slow wage growth. By teaching our children the value of money and strong money management skills early on, we can start to improve the prospects of the entire economy. Encouraging families to work with financial advisors and start to be proactive with their wealth position can also help set us up for future economic growth and enable advisors to expand their practices,” Jäckel said.

Working with some of Australia’s leading accounting firms and financial institutions, myprosperity has seen interest in its platform step up post the Royal Commission’s inquiry into the banking and financial services sector as the industry looks for technology solutions to improve compliance and client engagement.

“The insights from the recent Royal Commission are forcing an inflection point in Australia’s financial services sector and establishing a need for more advisers to take a whole of wealth approach with clients to boost transparency. With more than $45 billion in assets and $7.5 billion in liabilities registered on the platform, myprosperity is quickly evolving into a platform which has a solid grasp on the financial stability of a household’s entire financial position,” Jäckel said.

Over the past 2.5 years, myprosperity has quadrupled revenues, grown its partner base from 180 to over 650, expanded the team from 12 to more than 40 and made significant advancements in product development. From its inception in 2011, myprosperity has raised $12.5million in capital primarily from high net worth investors including former PwC global board member, Michael Happel and Xero board member Craig Winkler.

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