We at Milestone strive to provide essential financial education to children while making sure it is as interactive and fun as we possibly can. Our aim is to:
a) What Is Financial Literacy?
If we had to explain it in a serious way, Financial literacy includes both the comprehension of financial concepts and instruments as well as the ability to put this knowledge into practice.
But that's not what we are going to do and who we are. We are here to make that conversation simple for you and your kids. Financial literacy for us simply means having the discipline and knowledge to make sound decisions when it comes to your money and its growth.
b) How do you know you are financially literate?
A good indicator of your financial prowess is how able you are at handling the following:
Budgeting : A pro-planner or lost at sea?
Expenditure: Extravagant or careful?
Savings: The ant or the grasshopper?
Investing: A wizard or a wimp?
c) Which of these 4 money personalities are you?
The saver: Save today to enjoy tomorrow.
The spender: Enjoy the best that life has to offer.
The builder: Make the most of your money.
The giver: Care for the community first.
d) How important is it to have financial literacy?
Financial literacy is important in our modern world as we are surrounded by various options and messages about how we should manage our resources and money.
Without a basic understanding of financial concepts, it is all too easy to get into debt and stay there.
Milestone provides a safe and engaging platform for children to learn and manage their money, all under the supervision of their parents. We believe that financial literacy is a lifeskill that children need to be taught early so that good money habits are built.
Therefore, we have built an app on what we believe are the 4 cornerstones of financial education: Learn, Earn, Save and Give. Children get to experience their first junior banking experience of money and it's management.
a) What is Milestone?
Milestone is a one-stop financial literacy app that empowers the future generation to be money-wise and investment smart.We help parents raise financially responsible children by providing them with the learning tools and practical money-management skills to build positive habits early.
b) Aren’t my children too young to learn about finance?
Research shows that the correct age to start teaching children about finance is as early as 5. So best to start them young and watch them grow.
c) What information do I need to register a Milestone account?
Pretty standard. Name, email and of course a password.
d) Is there a minimum age for signing up?
Our recommended age is 6-99 years old.
e) How do I register multiple children?
One at a time. Their profile setups need as much patience and attention as them. Don’t worry we made it a super quick process.
f) Can I add my spouse as a guardian?
For sure. They are your partner-in-crime after all.
g) Does my child need a separate device?
Nope. Not at all. If they don’t have their own device, they can easily view their account from yours. Just click on your profile photo in the top left and tap on ‘Switch user’. You can then switch over to your kids account and let them take-over their money management. If your child has their own device, you can set up from ‘Manage Account’ so they can access their Milestone account themselves.
h ) What are miles and how do they work?
Miles is a reward system we at Milestone have set in place. We believe every good decision should be reinforced with an acknowledgement. Every chore, every learning, every goal a child does, gets them to earn miles.
Higher the miles, higher the progress in their learning journey. Goodies from us are an added bonus.
i) How much do I have to pay for the Milestone app?
Nada. For now. Our intention is to keep the current offering free, without any ads or annoyances. We will introduce more options for you and your child in the future, which will be on an optional tiered subscription.
j) Is the money real on the Milestone app?
No it isn’t, but your children don’t need to know that. We thought it would be safest if they started in a virtual world, and transitioned into a real account with a prepaid card once both you and your child became more familiar and confident.
k) Will there be real money and a payment card available?
Yes. One step at a time though. We believe it’s important for children to learn about money before they put it into practice. Like any tool, a card can be an asset or liability, especially at an early age. Our intention is, and always will be, to empower you and your child to make an informed choice.
a) What parental controls does Milestone have?
Extensive. From creating goals with your children to setting their allowances… from assigning chores to overseeing their transactions, everything you’d like to be privy to. After all they are your cubs, you set the rules.
b) Why should a parent supervise activities if the child is dealing with virtual money?
We would like this learning journey to be a family one. Parents set the level of involvement they’d like to have- from very little to helicopter. Your choice.
However it’s very important to make the children believe that they are ‘banking’ in the real world. That prepares them to make wise choices once allowed to operate with real money.
c) Is there a way to disable notifications?
No. That would make my answer above redundant.
d) Do all guardians on the account get the same notifications?
Fastest finger first. All guardians will be notified, or asked for approval, but only one would need to act on it. But if you would prefer to have only one of you to get alerts, you can change it in your settings.
a) Is Milestone safe?
Extremely. Everything is parent controlled and supervised. We promise to help you do that.
b) Will you sell my child’s data?
Not in the least, Watson. It’s all laid out in our terms and conditions. We encourage you to go over them.