MoneyTime

Building successful lives through financial literacy

We are improving the financial futures of students the world over with a gamified financial literacy program. With greater financial knowledge and the confidence to use it, children can avoid unnecessary mistakes, leading to more prosperous families and communities.

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HundrED 2023

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Overview

HundrED has selected this innovation to

HundrED Global Collection 2023

Web presence

2018

Established

50K

Children

4

Countries

Target group

All

Updated

June 2022

Teachers and parents the world over will be able to relax knowing their children are being taught financial literacy in a comprehensive, stimulating and effective way.

About the innovation

Why did you create this innovation?

Most parents and teachers weren’t taught money management; we learned through trial and error, and made mistakes we're embarrassed to admit. So we tend not to teach our kids. This is creating a generation shackled by debt and missed opportunities. Teaching kids how to avoid bad debt and invest is crucial if they, their families and communities are to be financially stable and prosperous.

What does your innovation look like in practice?

MoneyTime is:
Online. It can be accessed anywhere kids have internet and a device.

Self directed. Teachers and parents don’t have to be financial wizards, MoneyTime does the teaching for them.

Comprehensive. With 30 self-taught modules and automatically marked quizzes, covering the full spectrum of personal finance; from earning, saving and interest to borrowing, investing and business.

Gamified and highly interactive. Children earn virtual money by answering questions correctly then they have to choose between spending, saving, donating and investing. This this provides real life decision making and experiential learning.

Inclusive. There are an extra 13 modules designed specifically for students to do at home with their parents. This is important so they can put their learning into their family's context.

High impact. Regular testing throughout the program evidences an average 44% increase in knowledge across all topics, regardless of socio-economic status.

How has it been spreading?

MoneyTime was created in New Zealand where more than 700 schools and 50,000 students have used the program.

We also have a subscription version of the program so that parents globally can access it for their kids at home. This has proven particularly popular with homeschoolers.

The program is built for scale with the ability to accommodate millions of users. We have a licensee in South Africa, and are promoting it directly into the USA, Australia and New Zealand with plans to introduce the program into 15 more countries in the next 5 years and 50 countries within the next ten years through partners and resellers. The program content is carefully localized for each country.

If I want to try it, what should I do?

The short introductory video at https://vimeo.com/639307364 explains how the program works.

We welcome enquiries from Departments of Education, teachers, parents, homeschoolers, homeschool associations, bloggers, educational resellers and complimentary resources.

Visit www.moneytimekids.com for more information or email info@moneytimekids.com for a free trial.

Impact & scalability

HundrED Academy Reviews

This innovation is scalable to my context as many students have access to devices to use. The use of gamification and the global importance of financial literacy guarantees the applicability of this innovation in many other countries.

Financial literacy is a predominantly important concept for learners as they can learn to manage money in early their lives. It showcases the evidences, research and impact.

- Academy member

Academy review results

Impact

Scalability

Exceptional

High

Moderate

Limited

Insufficient

Exceptional

High

Moderate

Limited

Insufficient

Media

Young people, bad debt and financial literacy

Implementation steps

MoneyTime in Schools

MoneyTime is specifically for 10-14 years old students. It incorporates 30 self-taught modules and automatically marked quizzes, covering the full spectrum of personal finance; from earning, saving and interest to borrowing, investing and business.

It is fun, engaging and highly interactive, with children having to solve problems regularly throughout the modules. They are rewarded with money for each correct answer to spend on avatars and investments within the program, which builds confidence in making their own financial decisions. There is a strong emphasis on them having to choose between spending, saving, donating and investing – just like they will have to do in real life.

The modules are designed to take 20 mins to complete. The expected structure of a 50 minute period is:

20 minutes to complete the module

10 mins to redo the module or quiz, then save, spend and invest the money they have earned

20 mins for class activity. When possible, this is an important component of the program as it provides an opportunity for discussion, questions, corrections and reinforcement. Module guides are provided to assist you with this.

We recommend it is done 2-3 times a week in a block or unit of enquiry as the content is scaffolded and this ensures continuity of learning.

There are also 13 modules designed specifically for students to do at home with their parents. These serve to revise and reinforce the classroom modules and put the learning into their family context. They also provide a fun way for parents to interact with their children.

MoneyTime is currently available in US, Australian, New Zealand and South African versions, with Indian, Canadian and UK versions coming soon.

See www.moneytimekids.com/for-teachers for more information and to request a free trial.

MoneyTime at Home

MoneyTime is specifically for 10 - 14 years old. It incorporates 30 self-taught modules and automatically marked quizzes, covering the full spectrum of personal finance; from earning, saving and interest to borrowing, investing and business.

The modules take 30 mins to complete, which includes 10 mins to redo the module or quiz, then save, spend and invest the money they have earned.

We recommend it is done 2-3 times a week as the content is scaffolded and this ensures continuity of learning.

There are also 13 modules designed specifically for children to do with their parents. These serve to revise and reinforce the classroom modules and put the learning into their family context. They also provide a fun way for parents to interact with their children.

MoneyTime is web-based so no downloads are required. All children need is a tablet or laptop and internet access. Getting started is as easy as creating an account, watching an intro video and they are ready to begin their financial literacy lessons.

For parents that want to work through the program with their child, a printable Home Study Guide for Parents is provided along with a Frequently Asked Questions document.

See https://www.moneytimekids.com/for-parents for more information.