How the money management game works
What makes MoneyTime so special is that it combines financial literacy lessons with a fun money management game that kids love. Teachers tell us their students can’t wait for their next MoneyTime session.
MoneyTime teaches kids about earning money
During the financial literacy lessons, kids earn virtual money for correct quiz answers. The money they earn is deposited into their Current account. This is also the account the money comes out of when they spend it within the game. All transactions in the game effect their Net Wealth, with the aim of the game being to increase their Net Wealth as much as possible.
Teaching kids about online banking
Kids also have a Savings account that earns interest. They can transfer money back and forth between their Current and Savings accounts. This gets kids familiar with online banking and into the habit of transferring money into their Savings account to earn interest. It also helps them understand the difference between a Current and Savings account and what each one should be used for.
Helping kids make the link between further education and future earning potential
Each child starts the game as a gardener but can choose a better paying job by investing in further education. Each job has an expected income and a cost to gain the necessary qualification. The higher paying the job, the more they earn when completing modules. This helps to build the connection between higher education, earning potential and seeing education and training as an investment.
MoneyTime shows kids how they can increase their net wealth
Kids can choose to spend the money they earn on shopping for fun accessories for their avatar, donating to charity, further education, and a range of investments. This gives them the ability to use what they learn in the the financial literacy lessons, to experiment with making their own financial decisions, and to see the consequences of those decisions.
When they spend money, the money comes out of their Current account and their net wealth decreases, and this is clearly shown on screen. When they earn money by completing lessons or re-doing quizzes it gets deposited into their Current account and they see their net wealth increase. But earning money through work is not the only way to increase your wealth. We want kids to see how they can get their money to work for them. That’s why, in the game kids see that they can increase their net wealth by earning interest on the money they put in their Savings account and by gaining a return on their various investments when they mature.
MoneyTime teaches kids the basics of investing
As children progress through the game, more options for investing are unlocked. For example, when learning about Fixed Term Deposits, they can invest in them and see the return they can expect to receive. The game aims to teach children the value of long-term investing and gives them an awareness of the different types of investments available. It also teaches them that investments have different risks and returns associated with them.
MoneyTime is 100% educational screen time you can feel good about
While the game element of the program is fun for kids, it is all 100 percent educational. It gets kids to use the knowledge they gain in the financial literacy lessons to practice making their own financial decisions in a safe environment. Teachers and parents love that the game keeps kids engaged and wanting to keep learning.
MoneyTime is available for use in schools through the school financial literacy program, at home and as a homeschool financial literacy
It is just what you need to teach kids the all-important life-skill of money management.
Give your children the financial education you wish you had received. Get MoneyTime today.