San Francisco-based Union Bank has launched Yuby, a ‘virtual banking’ application for children to help teach them about responsible money use.

Developed with technology software company Mutual Mobile, the app is aimed at parents and their kids to acknowledge them about responsible spending, saving, budgeting and charitable giving.

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Tarun Nimmagadda, CEO of Mutual Mobile, said: "We spent countless hours on research and observation before building Yuby, so that we could appreciate the unique learning behaviours of children – the result is an app that engages directly with kids, in a way they can easily understand, to allow them to learn the basics of money management."

Pierre Habis, senior executive vice president of Union Bank, explained: "Our institution has a 150-year heritage of responsible banking, and we remain committed to supporting financial education. We’re always exploring new ways to enhance the learning process, especially for children."

Yuby, available on Apple and Android phones and tablets, includes three main features. The ‘Chore List’ allows children to track ways to earn money, such as "cleaning my room", "feeding the dog" or "take out the garbage".

The ‘Activity Log’ enables them to track the money they’ve earned and spent with details of each activity and the ‘Wish List’ is used to compare the costs of items users would like to buy and to track savings progress.

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"Our hope is that Yuby helps to instill a sense of financial responsibility and understanding at a very young age," said Habis.

Actions such as setting an allowance, making deposits and spending money require parental approval using a PIN.

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