The financial education gene
We all know: Money can be inherited. But can other elementary monetary characteristics such as financial knowledge and financial education be passed on to your own children? So can we also inherit our handling of money and our knowledge of finance?
If one believes Prof. Dr. Bettina Fuhrmann, Head of the Institute for Business Education at the Vienna University of Economics and Business Administration, the answer is: Yes, and this can be achieved through targeted financial education!
The results of her survey among 1,343 young people from all over Austria clearly show: The more carefully parents handle money and the more and more intensively they discuss money issues with their children, the more thoughtfully the children will ultimately handle their money. They are less inclined to make impulse purchases and do not direct their savings targets towards consumption, but also save to build up a financial cushion.
Without family financial role models, children are at a disadvantage
Another interesting result of the study is that if parents do not show their children a healthy and balanced relationship with money and if there is a lack of family finance, children tend to follow other role models – i.e. friends or advertising messages. The result: other, more impulsive patterns of consumption are pursued, so that pocket money is then better spent on spontaneous or frustrated purchases. Moreover, these children save less overall. When they save, they do more to be able to afford short-term purchases and less to have a comfortable financial cushion later on.
Another and equally important aspect of the “inheritance” of financial education: If this is not taught at home, these gaps in knowledge about money can hardly be closed at school. Thus, a lack of financial education is inherited involuntarily. And unfortunately, children cannot refuse this inheritance.
Finny: Inherit financial knowledge in a playful way
Financial education should be or become a family matter. After all, children trust their parents and learn a lot from them – including their financial decisions and how they handle money. With our Finny Kids and Finny Family apps, we have developed an environment in close cooperation with educators and parents that makes children into financial experts in a playful way. Gently. Understandable. Step by step and always combined with a child-oriented transfer of knowledge.
Finny focuses on collecting, teaching and consolidating financial knowledge. Day by day and level by level, children learn on their own and also together with their parents what their (pocket) money is worth, how to earn it, how to save and spend it in a targeted manner and how to handle it responsibly.
Financial Literacy for everyone
Finny combines physical and digital money and makes the piggy bank smart. Our lovingly designed “money mascot” Finny is the bridge between the haptic and virtual world, because he is both a tangible piggy bank and a virtual companion on exciting adventures in the imaginatively designed money world of the Finny Kids App.
Parents can use the Finny Family App to keep track of their children’s individual savings goals as well as their piggy bank, account and learning status at all times. They can thus provide targeted support and also receive exciting financial literacy feeds that they can discover and discuss with their children.
Parents can also take part in exciting knowledge competitions with their children or test their financial knowledge together in other challenges. This creates a sense of community and is also great fun.
But because money is also a serious issue, the reminder function ensures that pocket money is always paid on time. Whether in cash or by bank transfer, whether monthly or weekly – the main thing is to pay regularly. After all, continuity is an important lesson in financial education.
In short: thanks to the Finny Apps and the Finny Community, financial education becomes an exciting family topic – for children, parents, grandparents, godparents and friends.
The Fintune Research team provides you relevant information on financial literacy for children. Learning about money at an early age helps to train reasonable money habits and avoid future debt traps.