Future of Education Podcast S E161: How to Incentivize Kids' Good Financial Behavior
Oct 2, 2024
Tyler Nicholls, founder of Kudosy, is on a mission to boost kids' financial literacy. He explains how to incentivize good money habits without relying on cash rewards - using a unique app that gamifies learning about investing and financial responsibility. Tyler shares the concept of 'kudos,' a non-cash incentive that encourages kids through recognition for their achievements and responsible choices. He emphasizes the importance of starting these conversations early to equip children with essential decision-making skills for their financial futures.
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Incentivizing Kids Through Investing
- Make investing relevant to kids by using their language and focusing on short-term rewards.
- Kudosy lets kids invest virtual currency for faster rewards, teaching the power of investing.
Gamifying Financial Education
- Use gamified environments like Kudosy to teach financial principles.
- Parents control the economy, but kids make choices, sparking conversations about saving and spending.
School Emporium Example
- Mackenzie Price shares an example of her school's Emporium where kids earn 'alpha bucks'.
- This system helps kids learn about saving and spending choices and starts conversations with parents.