Why We Created Financy

As a parent, it can be hard to talk to your kids about money. We created Financy (Financial + literacy) to help parents educate their children about basic financial skills, including money management, budgeting, and investing.

According to financial experts, the best time to educate a person about money begins early in their life. As soon as a kid initiates dealing with money at home, it’s time to start their financial literacy journey. The best thing you can do for your children is teaching them about savings, investing, and budgeting for a secure & stable future.

Why is financial literacy important?

Financial literacy is the core skill that you need to be successful. But unfortunately, it’s one of the least taught skills in American schools. On top of that, unconventional methods like Cryptos & NFTs and the current geopolitical situations have added to the complexities that financial structure already possesses.

National surveys highlight various factors, from the faulty education system to a lack of interest in finances, resulting in financial illiteracy among young adults. The lack of financial awareness makes things more challenging for the American youth. In terms of basic financial skills, the United States ranks 14th in the world (as of 2014, the most recent stats available). As a result, the average debt per student or the median credit card obligations are rising. Do you want your child to become one of these statistics?

If we look at some stats:

• As of 2022, the US stands among the top 4 countries with the highest debt per capita.
• According to TIAA Institute research, 44% of the millennial workforce is under colossal debt & 37% are financially fragile.
• According to the 2020 stats of the US Federal Reserve, more than 25% of the US adults didn’t have enough money in savings to cover a $400 emergency.
• As of 2022, student loan debt alone amounted to $1.75 trillion, twice than in the previous decade, with an average of $40,904 per borrower.

The possible solutions

Personal finance management is a subject that parents & schools should teach children as soon as they start understanding money. By the time they graduate, the basic concepts of economics and finance, such as interest, debt, investing, and budgeting, should be clear.

As a parent, you can start your kid’s financial education with a systematic plan starting with what money is and gradually moving towards income, spending, savings, investments, and protection. Financial literacy is not a priority standard taught throughout your child’s educational career. This is where the role of Financy comes into play.

How is Financy educating children?

Financy is an innovative app-based learning platform designed to teach personal finance concepts through interactive activities. It provides the basic foundation to understand all things related to money. Although this app is exclusive to children from 6 to 18 years, the scope is broad enough for anyone interested in learning finances from scratch.

The app comprises several lessons on money, its history, savings techniques, budgeting, stock market & investing, and how the financial system works. These systematically organized lessons progress from beginner to advanced levels. Besides, not only do children learn through these lessons & activities, but it also generates report cards for parents to track the progress of their children. Finacy creates a learning experience that is shared by both the parent and the child.

The app also offers additional features like an allowance tracker and a savings calculator to help children manage their money. It happens in a safe environment that works under parental control. Try the Financy app today and allow us to take on the burden of financially educating your child!