I recently found out about Money Munchkids, a kids financial education company I was able to get an interview with the creator and owner Victoria Khaze. I got to talk to her about what Money Munchkids does, why financial education for kids is so important and how you as parents can get started teach your kids about money with free resources online. In fact they even have some on their website for parents.
Q: So what is Money Munchkids?
A: “Sure, back in 2013 I created Money Munchkids which is a company dedicated to creating products and services designed to teach kids ages 5-9 or in grades K through 3rd financial education and money management.”
Q: Wow, financial education is so important. I wish they taught it in schools! So how do you teach the kids? Through a program or books?
A: “Both actually. We have retail products, like activity books and play money but we also have a financial education course for kids which we hold at schools and recreation centers.”
Q: That’s fantastic. So what was your inspiration for wanting to create money Munchkids?
A: “Well, I actually have a little brother myself and I know lots of people with kids. As it happens when you know people with kids you help babysit them from time to time. As kids do they often talked about things they wanted and how they asked their parents (or siblings) to buy them.
The more I heard kids talk about money and buying things the more I realized that most children only ever see money being spent. So I started doing research on tools to teach kids about money and what I found was that there wasn’t many products to teach kids about money and finances.”
Q: Why is financial education for kids important? Don’t they need it more as teens and young adults?
A: “Financial education for teens and young adults is definitely important but research shows that kids begin learning habits as young as five years old. So if they can learn, why aren’t we teaching them?”
Q: Good point, so how can parents teach their children financial education?
A: “Well, besides our products, there are some great free resources online such as theMint.org, the Consumer Financial Protection Bureau’s website, Kids.gov and, of course, PBS has some great stuff too. Some of them have games and activities for kids while others have tools or mini lesson plans for parents to teach their kids about money. We actually have a free resource section on our website with separate sections for kids and parents. Of course there’s tons of great videos on Youtube as well. Tons of great money themed activity ideas on Pinterest too.”
Q: That’s great. I’ve gotten some great idea from Pinterest myself. So If you could give one piece of advice to parents what would it be?
A: “Wow, uh… well I think that the key for parents not only to start as early as possible but also, whether they’re using our materials or DIY-ing it themselves, keep that continuous education and conversation with kids about money going. Kids really need that repetition so starting young and continuing as they get older is really how we can get kids to fully understand these concepts. And, of course, as they get older you can get more complex with it. But if they start young, instead of that massive info dump on them when they’re older they can learn bit by bit, as they get older.”
Q: Last question, you mentioned some free resources on your website? Any other goodies people should know about?
A:“Yes, we have lots of free resources on our website. We also have a free game download and budget sheet for parents to use. We also do free giveaways every month that are usually educational items for kids. We’re just trying to create a great site that can really help parents teach their kids about money.
Beyond those I can’t give away too much specifics but we’ll be launching a homeschool kit around May and there are going to be LOTS of things happening around that.”