When it comes to finance, this truth stands. Of course money itself is important, but the ability to understand and manage money is much more valuable for children if you want them to become successful adults. But how do you ensure they learn these vital skills and improve their financial literacy?
Modern technology (namely FinTech) is now providing us with endless ways to introduce our children to the concept and value of money while still maintaining a safe amount of control.
Take Dojo for example. This (Canadian!) FinTech company aims to direct parents through the financial education process. On its (very active) social media accounts, Dojo offers videos and blogs to impart knowledge parents can pass on the youth, happily offering advice to help guide parents through this problematic and important education process. More importantly the Dojo system gives parents the opportunity to introduce financial skills to their children through a debit card and app system. By giving parents the chance to monitor their children’s spending habits, parents can see where the problems lie and what skills and tips they need to teach the next generation, or where the children are doing well (and should be congratulated or praised). Plus, the system allows for easy money transfers and an automatic allowance, making the process of giving your child money much easier (and safer). The company is cultivating partnerships with major banks like ATB Financial and Scotiabank and will no doubt find a happy customer base once they are set up in the market.
Financial skills are very important for a productive life and people of all ages can benefit from systems that help them learn. It makes sense that the financial system born from the mistakes of the past is seeking to ensure the next generation(s) don’t fall into the same traps. Already well versed in technology, the younger generations are likely to trust their money to FinTech companies and the fact that FinTech is doing its best to make finance simple and help keep us financially literate will only make the technology more appealing, leading us towards a financially intelligent generation. How great is that?