FamilyMint wins NFEC Award for Financial Education
The National Financial Educators Council (NFEC) presented their annual award for ‘Best Practices in Financial Education for Software’ to FamilyMint, an online platform that allows parents to share household budgets and other financial matters with their children.
FamilyMint allows parents to act as a real life bank toward their children, accepting money via deposits, allowing withdrawals, and providing interest. The software itself handles no real money; it’s merely a tracking system that makes it easy for parents and kids to manage their funds in a virtual bank account. The system acts entirely as a miniature bank, funded by the parents. Parents can set up interest, automatic allowance deposits, savings accounts, and any other service a real bank provides, allowing kids to see firsthand what real life saving and spending entails. In addition to this, the program allows kids to set up goals, be they long term — such as saving for college or a car — or short term — a new video game or toy. Kids can then allocate funds in their account to these goals as they see fit, allowing them to prioritize and giving them incentive to save. All transactions and exchanges are tracked and stored so that parents can see how their kids are doing and coach them on proper saving methods.
NFEC award winners are evaluated against a “stringent set of educational, awareness and business model criteria” and must meet requirements of entertainment and sustainability as well. For a full description of criteria considered by the NFEC for the award, as well as how to apply for the award yourself, visit the NFEC’s blog. Further information on FamilyMint, including how to implement it in your household, is available on their website.