Slonkit, a pioneering digital platform to help children learn good money habits

How often do you face the situation where you are not able to keep track of how much money you are giving to your child as allowance or pocket money?

How often do you wonder whether your child is learning the importance of managing their money effectively instead of just coming to you for every single need?

Slonkit, is the first of its kind money management tool that aims to become a guide for today’s digital savvy children, in terms of understanding and managing money. The platform aims to change the way parent and children converse on money matters and how they handle the conflicts around it.

Commenting on the launch, Mr. Murad Nathani (Co-Founder & CEO –Slonkit) says, “In this digital age where consumers are open to new ideas, we realised that amongst this all, there has been a gap in parent-child communication about youngsters’ basic money management skills. A typical weekend today would involve treating children to the little joys of life – shopping, movies, eating out. Which is something everyone in the family look forward to and is also a great bonding time, but do parents keep a track of how much money is spent on all these ‘miscellaneous’ expenses over the course of several weekends or say a year? Are parents giving their children too much or too little money over a year?”

While parents have grasped the concept of banking over the course of their adult years, it is not the same for youngsters who are starting to handle money on their own. This is whereSlonkit comes in with the powerful solution of being a simple financial tool that serves the purpose of a bank and much more! Slonkit aims to lay the foundation of the future of digital banking, by enabling the young generation of today to effectively handle their own money, digitally.

Slonkit’s mantra is to redefine the money behavior of children of various age groups, starting from developing their basic understanding (targeted at youngsters between 10-12 yrs), giving guidance of money (13-18 years) and aiding in smarter money management (18 and above).
So, how doesSlonkit work? Slonkit is a mobile application that:
1) Helps children spend smarter and save more by getting visibility to where and how they spend

2) Helps parents send money to their children in a simple click, and also keep a track of money they give over a period.

Slonkit also comes with a reloadable prepaid card that can be used both online and offline for transactions. While parents can ensure their children are learning an important life skill, that is, good money habits; children learn to smartly manage their own money early on in their lives. As we all know, Gen Z seeks to establish their unique identity from a young age itself, and Slonkit caters to this by offering personalised Slonkit cards with their own names! As added safety features, no ATM transactions are allowed through the Slonkit card and the account can be suspended at the swipe of a button in case of loss or misplacement.

Slonkit has presently partnered with DCB Bank and VISA and will be associating with more partners in future in this endeavor of making #goodmoneyhabits a motto among the Indian youth. The app can be downloaded from the iOS or Google Play store.