Teaching kids financial literacy using technology

Financial literacy is an important skill for adults, but it is just as important for kids to be able to manage their money.
Certified Financial Planner and CEO of the app Busy Kid Gregg Murset told DC News Now that the earlier kids learn how to manage their money the better chances they have of being a financially independent adult.
“I know it sounds crazy but I think you need to start really young, like 5 years old,” said Murset.
Murset also believes that apps can be a great tool for teaching kids the power of money management.
“Money is different now,” said Murset. “It used to be something that we pull out of our pocket or purses… Now it’s not like that, it’s literally invisible”
Murset’s Busy Kid app enables parents to give their kids weekly chores. At the end of the week if all their chores are complete they get a ‘payday.’
“Kids get it, they are smart,” said Murset. “If you can let them use technology in that way they get it even quicker”
Murset said it’s helpful for parents to be transparent with kids about how much things really cost.
“These things will help them understand the reality of the world and how much it costs to make it all happen,” said Murset.
Murset, who is also a father of six, says if we take the time to teach our kids to be smart with their money at an early age it will help set them up for a lifetime of financial freedom