Research partnership with GoHenry app promotes financial literacy in young people

The University of St Andrews has launched a research collaboration with prepaid debit card and financial education app GoHenry to promote financial literacy in young people.

 The project, led by Dr Marcel Lukas from the School of Management, and collaborators from the University of Durham and Texas A&M University, will investigate the impact of GoHenry’s Money Missions on the saving habits of young people aged 6-18. 

 Money Missions are in-app gamified money lessons offering an interactive platform for young people to learn key financial concepts and develop important money management skills. The lessons cover money basics, earning, saving, investing, responsible spending, credit, money safety, and more.

The lessons have been developed with teachers and financial experts, and Dr Lukas and his team are examining how completing the Money Missions influences spending and saving behaviour in kids and teens, and the research partnership has produced promising initial findings. 

Dr Marcel Lukas, an expert in financial decision-making and fellow with the Office for National Statistics, said, “We are delighted to partner with GoHenry on this important initiative. Our goal is to better understand how we can support children with the skills and knowledge they need to make informed financial decisions, fostering a generation of financially responsible individuals.

“Our early results show that kids who use GoHenry’s Money Missions end up saving more money, showing just how important our partnership could be. We’re excited to learn more about how kids decide to use their money and how we can help them learn more about it.”

Louise Hill, co-founder and COO of GoHenry, shared her enthusiasm for the partnership: “Collaborating with the University of St Andrews and Dr Lukas allows us to combine academic insights and our practical experience to create data-driven interventions, empowering children to establish a strong foundation for financial literacy. It’s been fascinating to see the preliminary results which show that kids are putting over 30% more into their savings after the first month of completing a Money Mission. I can’t wait to see what else the collaboration will unveil and how we can use these findings to further promote financial wellbeing for all.”

The collaboration with GoHenry is part of Dr Lukas’ Empowering Financial Wellbeing program, which aims to improve financial literacy and decision-making across all age groups, promoting financial resilience and wellbeing for generations to come. The project will be based in the newly established University of St Andrews Business School.

Professor Brad Mackay, Interim Dean of the Business School and Deputy Principal of the University, highlighted the collaboration’s alignment with the University’s strategic goals: “This partnership perfectly exemplifies our commitment to fostering interdisciplinary research, innovation and impact.

“It also demonstrates the new Business School’s focus on addressing real-world challenges and making a positive difference in people’s lives. We believe that empowering children with financial literacy will have a long-lasting impact on society.”