If you’re concerned about effectively teaching your child how to intelligently handle money, don’t worry. There’s now an app for that.
“Kiddie Kredit,” a Miami start-up mobile application, can help bridge the gap in children’s credit education and teach them how to handle finances, says founder Evan Leaphart.
The 33-year-old Black, serial entrepreneur moved to Miami in 2004 to attend Florida International University. With the app idea lingering in his head for some 10 years, Leaphart made it a reality in 2018. He launched the app in 2019.
Kiddie Kredit is an app designed to teach families the importance of financial literacy. It is a mobile chore-tracking platform that assigns credit value based on the number of chores your child performs. The app’s entire algorithm parallels basic FICO models, so If your child completes chores well and on time, they’re awarded a ‘kredit’ score.
Leaphart said this rewards process is effective because it teaches children how credit works in real-time. The better the child accomplishes daily tasks, the higher their credit score will be.
As a young adult, Leaphart found himself in debt. As he struggled to become financially stable, he wished he had become financially literate and vowed to help families and children learn about the importance of credit.
In the future, Leaphart envisions and aims to see Kiddie Kredit partner with banks and schools in spreading his financial literacy initiative, but says the core foundation comes from families.