Financial literacy is incredibly important, and learning best practices should begin at a young age. Teaching teenagers about financial best practices is a struggle many parents face, which is why we’re so excited about Awsm Banking, a real-world approach to teach teens about money.
The Nuts & Bolts
Problem: Parents often feel inadequate teaching their kids financial literacy. In a survey of parents by Awsm, 80% believed that their children will have problems with financial discipline and are willing to pay for a solution to help them learn about finances.
Solution: Awsm helps parents educate their teens about financial literacy. They can use a credit card, manage debt and learn from financial choices. Awsm also provides bite-sized TikTok-style video lessons on managing money.
When 500 Met Awsm Banking
We met the Awsm team through our connections in Kazakhstan. The Founder and CTO, Alibek Junisbayev, previously served as the Head of Business Development and Innovations Department at QAZKOM (Kazkommertsbank JSC), and the Head of Marketing, Credit Card department at Halyk Bank, among other positions.
The company fits into our ESG framework because it has plans in place to protect sensitive consumer data. We see this as an important step during the early stages of a fintech company.
Practical examples make financial literacy much more accessible than theoretical financial education (books, lectures, long tutorials) to a younger generation. While there are numerous players in this space, there is yet to be a clear winner, especially one that focuses on the educational aspect.
With student loan debt higher than ever before, financial literacy can be useful for college students who are planning to take out loans.
Awsm tackles the challenge through a hands-on solution, with real money, and reinforcement through parent-paid rewards. It also lets teens try out banking products, incur debt, have savings and investments. Awsm guides both parents and their children through the process.
Future of Awsm Banking
Awsm plans to continue to build out its platform through strategic partnerships with players in the space, and create more educational content to teach teens how to become financially savvy.
You can learn more about Awsm Banking at https://awsmbank.com.
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