Mydoh Financial Literacy Month: Let’s start with our kids
As a kid, my parents taught me values that prepared me for success – and saving and planning was a priority for them. Their dedication instilled values and a sense of confidence that remains today. This is what inspired the creation of Mydoh, a money management app and Smart Cash Card that enables parents to help their kids build good, long-lasting money habits.
Life has drastically changed over the past two years, causing a dynamic shift in spending, and saving. We’ve all had to adapt to new digital spending platforms. Rather than going in-store, people prefer to shop online. Spending money has never been easier, which makes learning about financial literacy that much more important, especially for our children.
Financial literacy starts with our kids
Research shows that interactive activities are six times more likely to help students learn. Like any skill, the best way to learn something is by doing it every day. This is especially true for one’s financial literacy and parents are integral to the everyday learning process for kids. A 2020 survey of 15-year-old students found that teens who talked about finances with their parents scored 33 points higher in financial literacy than those who did not. Did you know that by age three, children can grasp basic money concepts? By age seven, money habits are already set. It’s clear that learning about personal finance at a young age is an asset for the next generation.
Parents are the key
No matter what your starting point or your own understanding of finance is, talking about money within the family is necessary to set your kids up for future success. Today, it has become easier for parents to teach their kids stronger money (spending and saving) habits and have fun while doing it. All it takes is a few taps on their phone, using real-life experiences such as chores, tasks, and allowances. My daughter is under four years old, so all I do is show her how the app works and start talking to her about money. While the experience might not make a huge difference at her age now, it does contribute to instilling important values for the future, and the basics of financial literacy.
Technology use at its best
According to recent research from MediaSmarts, parents report that about 36 per cent of their 10 to 13-year-olds spend three hours or more per day using digital devices for reasons unrelated to schoolwork or learning. The benefit of technology, devices and digital learning tools is that we can use them at any time, to enhance learning with interactive experiences. We’ve tapped into that potential with Mydoh Play, which makes learning about money easy for kids with fun facts and trivia.
Financial literacy is not limited to finance-related occupations, nor is it something that you only have to manage when you become an adult. It should be taught to everyone, from a young age, so that the skills, confidence, and the eagerness to learn are there throughout adult life.
Check out Mydoh for yourself and see how easy and fun it can be to teach your kids financial skills that will set them up for future success. mydoh.ca
Gaurav Kapoor is the CEO and co-founder of Mydoh