Teaching kids financial literacy in the year 2022 is easier than you think! And this option is the only COPPA compliant, family-friendly mobile wallet.
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Here we are mamas, the end of the school year. Can you believe it?
Next school year is a big one for us, as Blake will start kindergarten and Branden will start….high school. My mind is completely blown thinking about these big changes.
I will admit though: getting Branden through the end of the school year was rough. He is so smart, but school just isn’t his jam. So, it’s an everyday struggle. He opened up about wishing that he had a different experience in school and was able to learn more about things that will benefit him later on in life or things he was actually interested in.
Which brings me to teaching kids financial literacy.
It is so important that we are raising children who know something about money. Let’s face it: gone are the days of balancing checkbooks. We are living in the age of digital currencies and kids need to know how to develop essential money management skills.
Anyone else feel me on this? If you can relate, I’m beyond excited to introduce you to Mazoola today! I promise, they aren’t another debit card to add to your wallet or another family app you will end up deleting, they are a way to build life lasting skills in a safe and secure environment.
Teaching Kids Financial Literacy
First and foremost, if you’re wondering about teaching kids financial literacy you have probably googled a thing or two about it and have seen some other options on the market. What sets Mazoola apart is that it is the only COPPA certified mobile family wallet. COPPA, or the Children’s Online Privacy Protection Act is U.S. federal law designed to prohibit the collection and use of personal information about children by the operators of Internet services and Web sites. It was passed by the U.S. Congress in 1998, the law took effect in April 2000. It is administered and enforced by the Federal Trade Commission (FTC).
What does this mean as a parent?
It all boils down to the simple fact that you will always have the reassurance that your child is safe whenever you are using the Mazoola app and you don’t have to worry about their personal information being collected and used…phew!
Mazoola has several features, from transaction monitoring and setting spend limits on specific retailers to managing chores and automatically depositing allowances for chores completed, that allow parents to teach their kids about money without losing control. More importantly, Mazoola is the ONLY platform that is certified to handle your children’s information in a secure way.
More than 1 million children were victims of ID theft last year. Two-thirds of the victims were under the age of eight. (You can learn more about those statistics here.)
How do other apps get away with that?
Other leading apps in the children’s financial literacy market have been suspected of storing Children’s data with shady terms of service. You know…that box that pops up whenever you first download an app that kids aren’t actually reading? It’s all in there.
For example, according to a Vice Article “Greenlight says it isn’t currently selling data on kids’ spending habits to advertisers, but its privacy policy suggests it could start anytime.”
Convinced yet? I’m going to say “YES!”
To use Mazoola, you simply download the app and add funds. It is really that simple. It’s currently available on The App Store or Google Play, so it can be used no matter which phone you and your children have.
How does this help with teaching kids financial literacy?
Honestly, every aspect of the Mazoola app plays a big role in teaching kids financial literacy. And in my opinion, this is where the app really gets cool. Once the account is created you can set spending limits, authorize retailers and approve shopping channel preferences with a quick toggle on your mobile app. Mom bonus: you can quickly approve or block where the wallet can be used.
Beyond that, you can assign your child chores, allowance, and help them learn how to budget and save money.
Every journey that your child goes on within Mazoola opens a door for learning and creates this very layered learning experience to set kids up for financial success the more they learn. For instance, setting spending limits helps them mentally prepare for keeping themselves on a budget once they have actual bills to pay.
Having the ability to pull open the app in their phones and see how much money they have earned and can spend, helps put kids in a financially savvy mindset. There is just something different about having this digital wallet versus getting cash from your grandparents on your birthday (especially whenever you have a little sister that likes to sneak into your bedroom and tries to steal it!). However, grandparents and other family and friends can also send them money here, too!
Have you ever heard of Mazoola? I hope you all take some time during summer break to help your kids learn these important financial lessons, and this is the smartest and easiest way!
XOXO,
Allison
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