June 17, 2024
Busy Kid: The importance of teaching kids about money management

WASHINGTON (DC News Now) — Financial literacy is just as important for kids as it is for adults.

“It’s one of those skills that you have to get in to them. It’s just like, How do you do it?” said Gregg Murset, Certified Financial Planner and CEO of Busy Kid.

Murset said it is important to start teaching kids about money management at a young age.

“You think I’m crazy but you really need to start when they are like five or six years old,” he said.

Murset said it’s important for kids to learn about money and saving early because they are going to be making financial decision every single day of their lives. Money is also different these days so parents need to adapt.

“Were teaching them about money they can’t really see anymore. It’s not like money we stick in our purses,” he explained.

Murset said kids need real-life experience, and they can get it by using technology or apps like Busy Kid.

“Busy Kid is an app we created to essentially give kids and experience with money before they hit reality,” he said.

Busy Kid lets parents to give their kids weekly chores and at the end of the week if all their chores are complete, they get a payday. Murset says this is great way to teach kids the real cost of “living.”

“If you’re transparent with your kids, they’re going to figure out these things and it’s going to motivate them to be better stewards of their money,” he said.

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