There’s a huge educational gap between the piggy bank and the commercial checking account. The piggy bank is a good first start for the very young, but it quickly runs out of steam as an educational tool. Yet, a traditional checking account and giving kids access to their checking information can be daunting and unsafe.
Since money and values are so deeply intertwined, kids need to work closely with their parents. Since parents are insanely busy, the solution must be quick to set up and painless to maintain. What’s the answer? FamZoo’s “virtual family credit union.” With FamZoo, parents can teach money basics, manage allowances and chores, set budgets, track savings goals, encourage charitable giving and much more.
“As soon as I saw Currency’s vibrant Money Mom community in action at VerityMom.com, I knew it could be a perfect match for FamZoo,” says FamZoo founder Bill Dwight, a former Oracle executive. “Moms love to exchange ideas on the best way to teach kids about money, and it’s a particularly hot topic in today’s tough economy. Should I give my child an allowance? How much? Should it be linked to chores? How do I avoid fostering a sense of entitlement? How do I teach saving and charitable giving? The Money Mom program facilitates those conversations helping each mom in the community find the strategy that fits her family’s unique situation and values best. FamZoo helps moms turn those strategies into tangible, consistent action and, ultimately, lasting good money habits. Together, Money Mom and FamZoo are a fantastic combination of advice and action.”
Money Mom credit unions can now get a co-branded version of the FamZoo application infused with the credit union and Money Mom brands as well as targeted content – special offers, social media streams, educational material and latest videos.
We think FamZoo is a super exciting addition to our Money Mom offering. If you think so too and are interested in Money Mom for your credit union, please let us know!