Kids learn how to manage their coin

A financial literacy tool for school students is being launched in Auckland tomorrow.

KidsCoin is an online tool teaching primary and intermediate students about money management through a virtual programme connecting their classroom learning with community.

Founder Brittany Teei told Te Waha Nui that a pilot was rolled out at Sylvia Park School in Mt Wellington last year with 120 intermediate-aged students. This year she is working with around 40 eight to 10-year-old students in the school’s bilingual unit using the software.

“Our whole philosophy is that if you teach kids good habits when they’re younger, it becomes second nature when they’re older,” said Ms Teei.

The students log into the programme, complete curriculum-aligned lessons, and earn KidsCoin virtual dollars.

The money is deposited into a virtual bank account where students learn about paying taxes, transferring money and saving. That money can then be used to buy real goods and services from the KidsCoin online shop.

The goods and services are from the local community and include things such as Hoyts movie tickets, Rainbow’s End passes, and sporting and music lessons.

Students can also donate their virtual money to charity and then KidsCoin, or a corporate sponsor, will match that with real money.

“There’s so many communities out there, especially low socio-economic and indigenous ones that don’t really understand how it all works, said Ms Teei.

She said that it gives kids the opportunity to see how money can empower them instead of seeing it as being out of reach.

Assistant principal of Mangere Central’s junior school, Vasati Vaoiva, said that teaching financial literacy is key in the primary school years.

“It teaches them about lifelong skills, helping them to be more prepared when they leave school. Being able to save and budget for the real world,” said Ms Vaoiva.

Ms Teei is looking to expand the programme into high schools in the future as well as partnering with local community organisations to offer internships and apprenticeships.

“Money is the link. No matter what you’re doing, whether you have a lot of it or don’t, everyone has to deal with it in every situation,” said Ms Teei.

Ms Teei kickstarted the idea last year after winning the mauri tū category of a Māori innovation challenge, DigMyIdea.

The programme will be rolled out to interested schools nationwide in term three this year.

The KidsCoin launch will take place in central Auckland tomorrow afternoon.