Gamified tools empower kids to develop essential financial skills, but maintaining trust and privacy remains a critical challenge
According to an 8 November 2024 case study report by global strategic insights practice Canvas8, as Australian kids and teens continue to embrace the digital world, Spriggy, a pocket money app launched in 2016, is pioneering the way forward in teaching financial literacy. The report, Why Spriggy banks on practical play for Aussie Gen Alphas, was authored by Jaleen Ramos and features expert comment from technology and fintech entrepreneur Colin Weir, the CEO and founder of Moroku.
With over 850,000 young users already on board, the app combines hands-on, task-based learning with gamified features that make money management more engaging and accessible than ever before. But while the app is revolutionizing financial education for children aged six to 17, the challenge remains: can it protect users’ privacy and maintain the trust of concerned parents in an increasingly complex digital world?
“Children as young as six are now regularly discussing finances, earning, and budgeting at home,” says Colin Weir, CEO and founder of Moroku. According to Weir these beliefs about money form unconsciously, especially up until the age of 10, 11, or 12, so it’s crucial that children are taught positive financial habits early on to set them up for future success.
Spriggy’s growth highlights the increasing demand for practical, interactive tools that teach kids financial responsibility. Using a prepaid card linked to a mobile app, children can set savings goals, track spending, and complete tasks to earn money—all under the watchful eye of parents. In 2024, Spriggy users spent a total of $237.3 million, demonstrating how embedded the app has become in the daily financial lives of young Australians.
Gamified Learning: The Key to Engaging Gen Alpha
Gen Alpha, those born from the mid-2010s onwards, are true digital natives. They expect learning experiences to be immersive and interactive, and Spriggy has tapped into this desire with its gamified approach. Through its innovative tools, children learn not only to save but also to budget and make spending decisions—skills essential for their future. “Gamification sets up the journey architecture, challenges, skills, and wisdom,” explains Weir. “It creates a well-defined path, unlike a syllabus that just hands you content.”
Nearly 80% of Australian parents believe gamification is a powerful way to teach their kids about financial capability, which aligns with the rise of digital gaming experiences among children, from Roblox fundraisers to gamified apps like Spriggy. However, Weir points out that despite decades of traditional financial literacy programs, there has been limited impact. “Millions are spent on financial literacy, yet we see no results. The research tells us that gamification is the only way to do it.”
Spriggy’s approach aligns with a growing trend in which children as young as six are developing a sense of financial responsibility. The app not only provides tools for budgeting but also engages kids through challenges and rewards, with features like SPRK Mode helping teenagers to set and manage savings goals. These tools are helping Gen Alpha develop essential financial habits, setting them on a path to better financial understanding in adulthood.
Privacy and Trust: A Balancing Act for Spriggy
As more kids use financial apps like Spriggy, privacy remains a significant concern. Eight in ten parents in Australia worry about the safety of their children’s personal data online. “Building trust is critical, and this is where banks have an advantage,” says Weir, noting their established infrastructure and security systems compared to apps like Spriggy or GoHenry. He also suggests that AI-powered tools to detect suspicious activities could enhance security and reassure parents.
Spriggy’s commitment to privacy includes features such as restricting spending at inappropriate retailers and using additional measures to prevent fraud. Despite some criticism over data usage and concerns over security breaches, the company continues to work on improving trust through transparency and enhanced protection.
A Generation Focused on Purpose and Passion
While privacy and trust are paramount, Spriggy understands that to engage Gen Alpha, brands must go beyond basic financial education. “The secret is to design a model that steps up the player’s skills, helps them build habits, and rewards them as they progress,” says Weir. Gen Alphas are not just looking for entertainment—they crave purpose-driven experiences that help them develop their skills, whether through learning or creativity.
Spriggy taps into this desire by offering opportunities for kids to explore their passions through art and entrepreneurship contests, encouraging users to engage in constant learning. “It’s about keeping users engaged in constant learning by balancing skill and challenge,” says Weir.
The Road Ahead for Spriggy
As Spriggy continues to grow in popularity, it faces the dual challenge of making financial education fun while ensuring that safety and privacy are always top priorities. With over 130,000 Australian families using the service each month, Spriggy is poised to become a staple in the digital financial education space for young Australians.
Nick Morris, UK-based founder and Managing Director of Canvas8, said, “By combining engaging tools with essential financial literacy lessons and a commitment to privacy, Spriggy is helping Gen Alpha build a brighter, more secure financial future. Whether it’s learning how to save, budgeting for a goal, or understanding the basics of money management, Spriggy is setting the stage for the next generation of financially savvy young Australians.”
Why Spriggy banks on practical play for Aussie Gen Alphas may be downloaded here for a limited 2-week period:
For a deeper dive on this story with exclusive quotes or Q&A featuring Canvas8 APAC behavioural analysts, please reach out to Danny Chaplin at Chaplin Public Relations. Email: info@chaplinpr.com
About Spriggy
Spriggy is an Australian-based financial app designed to help children and teenagers learn about money management in a fun, interactive, and secure environment. Through a combination of gamification and real-world financial tasks, Spriggy empowers young Aussies to master the skills they need to thrive financially as they grow up. Founded in 2016, Spriggy has helped over 850,000 users develop essential financial skills.
About Canvas8. Canvas8 is a global strategic insights practise operating out of London, Los Angeles, New York, and Singapore. Since 2008, we have helped organisations grow through a better understanding of people. Primarily focused on media, communications, and product development, our award-winning insights inspire clients including Google, Mindshare, Molson Coors, The North Face, Mars, Nike, and Logitech. Supported by our network of over 5,500 experts, from TED speakers to MIT fellows, and underpinned by innovative research methods, we work at the intersection of behavioural science, culture, business, and creativity to understand human behaviour. Our flagship product is our membership platform, including an online database of 37,000-plus trend reports and case studies spanning 15 industries, nine markets, and five generational audiences. It also includes Access, a tool enabling our members to gain exclusive access to our network of industry leaders, and Toolkit which is bespoke packaged approaches for consultancy work at a fraction of the cost and time. This is complemented by our innovative global consultancy offer for longer term projects. For more information visit: www.canvas8.com
