KeptAom: Savings management system to increase long term savings behavior of children

Abstract

© 2017 IEEE. Research has confirmed that the national financial stability is considered as a crucial foundation for the country development. With regard to this, one of the money supply sources to strengthen the financial stability is Gross Domestic Saving (GDS) which consists of savings from the public sector, the private corporate sector, and the household sector. Unfortunately, World Bank reports that the average GDS values of many countries have been generally declining in the past five years. On the contrary, Bank of International Settlements shows that the debt of the household sector has critically risen and the debt consequently leads to different levels of problems such as personal stress, crime commission, and bankruptcy cases. Research has revealed that to alleviate such problems the financial capability is extremely needed especially long term savings behavior. To ensure such behavior, three challenges are identified. First of all, the learning process of money management should start since the childhood and secondly parents need to be involved in guiding their children. Finally, there must be a mechanism to maintain the retention level of children throughout this process. Focusing on these challenges, KeptAom is proposed as a savings management tool that focuses on promoting long term savings behavior for children with the engagement of their families. KeptAom composes of three components - KeptAom on Cloud, KeptAom on Mobile, and KeptAom on Piggybank. With KeptAom, children can set and fulfill their goals by saving their money and completing various chores given from their parents; on the other hand, parents can observe and interact with their children through KeptAom's notification. KeptAom deploys the gamification concept and a digital cashless piggy bank to increase the engagement of children in order to ensure repeating uses which is a potential method to lead to long term savings behavior in the future.