5 minutes with brittany teei
Snippets Founder of educational software, Kidscoin, Brittany Teei, is passionate about financial literacy and equipping kids with the skills and mindset they need to become thriving adults. Could you tell us a little bit about Kidscoin and who it’s for? W
Kidscoin is an educational tool that teaches children about money and saving while they are young. It is designed for the classroom and is all about building good habits and attitudes towards learning, and around understanding how money works in the 'real world'. Kidscoin gives children a financial vocabulary, and the confidence and competency to become financially-savvy adults.
What inspired you to create Kidscoin?
There are a number of factors that influenced me, but I guess it boils down to the fact that unless you are lucky enough to come from a family who understand money well and are willing to teach you, then there is really no other way to get a solid financial education. Schools don't place a high priority on teaching money management for a number of reasons, and as a result of this, many young people leave school with no foundation in these vital skills.
Kidscoin was created to give every student, regardless of their background, a chance to build this financial foundation so they can make informed decisions when they leave school. Delayed gratification would definitely be at the top of the list. I think as humans we all want things here and now! There is so much temptation in retail with clever marketing and access to 'easy' credit, that it is imperative that children are taught about delayed gratification from a young age.
I think financial goal-setting is also a great skill to develop in children when they are young as it can reinforce delayed gratification in a practical way. It's important to be involved in your child’s journey through this learning process, while at the same time letting them make their own decisions and goals, and finding their own ways to earn and save money. This is a very empowering process for any child to go through.
Can you explain the 'poverty mindset?'
This is a tough question to elaborate on as it is a big issue with many implications but, to me the poverty mindset is when someone sees and feels a sense of lack in their lives. It could be a lack of money, a lack of skills, a lack of knowledge or whatever it is that you think is holding you back from achieving what you want to achieve. This could stem from your self-beliefs and/or self-esteem, but I would sum it up to be anything that makes you feel less than good enough.
When it comes to money, your family background, history, religion, race, and many other factors can create a poverty mindset. This can show up in various forms, such as spending more than you earn or going for low paid jobs when you know you are capable of more, for example.
Kidscoin's mission is to break this poverty mindset when it comes to money. We seek to do this by educating our children about the basics of how money works through experiential learning. By giving students a chance to play and explore what it's like to earn and manage their own 'Kidscoin money' they begin to explore and test their own behaviours and attitudes towards money on their own. Overcoming this mindset can change lives and empower individuals, no matter who they are or where they come from.