Today’s guest is Pam Liyanage. On today’s show, I chat with Pam about her earlier work facilitating in-class workshops on topics around financial literacy. We get into common financial problems young adults experience, and talk about how parents can address these issues in a proactive manner. We discuss the number one thing that kids should know about. We dive into the role of gamification in ensuring financial literacy skills and habits are taught and learned. We discuss how the online MoneyPrep app can play a strong role in supplementing offline learning at home and in the classroom.
Pam is the co-CEO and co-Founder of MoneyPrep. MoneyPrep helps kids between 5-12 years old create and build strong money habits through fun interactive games. Over 8 Million games have been played on MoneyPrep. Pam has a background in the financial services industry. She is based in Edmonton, Alberta and is also a mother to four kids.
- Pam Liyanage | LinkedIn
- MoneyPrep | website | Facebook | LinkedIn | Instagram
- MoneyPrep learning games for kids | Download the MoneyPrep app from the App Store
- How Pam got started in the banking industry and when she made the pivot to help kids learn about money and finance
- How she fell in love with the lending side of the business and helping young adults understand how to manage money
- How teaching workshops showed what money concepts kids could understand and the key to making these workshops fun
- The genesis behind the idea for MoneyPrep
- The common financial problems young adults experience and the major contributors to those problems
- How parents can address these issues in a proactive manner, before they become problems
- Money lessons kids should experience at a young age, including her approach to teaching strong saving habits
- When she started teaching her own kids about saving and how she did it
- Opportunities she used to encourage entrepreneurism for her kids to experience and how that led to her son opening up a Shopify account to start earning passive income
- Her framework of how parents should be teaching kids about money using gamification, differentiating between the under 12 age range and 12-17 year old age range
- Why she focuses on transactions in the under 12 range and preparing them for independence for the 12-17 year old age range
- Why using everyday moments on the fly to talk about money lessons is the best way to learn and being open to having those conversations as you go is important
- Why budgeting should be the number one thing that kids should know and incorporate into their lifestyle
- How to know if parents are on the right track with teaching their kids about money
- Why it is critical to learn how to manage money at a young age to avoid stress and anxiety as adults
- How learning about money through an interactive learning app like MoneyPrep makes learning fun and can help develop strong money habits through repeated practice
- How the best way to have money lessons stick is to make it fun and content rich
- How the gamification component in MoneyPrep is used to teach kids about money
- How gamified programs are being used in the classroom environment to help teach and provide extra tools to reach kids
- How parents can supplement their at-home and at-school learning with MoneyPrep to practice and to have fun
- How MoneyPrep partners with teachers to teach kids in schools about everyday money habits by providing lesson plans centered on habits, rather than the traditional method of just solving money math problems
- The Game of Life board game
- Shopify | Business account for kids
- Grit by Angela Duckworth [Amazon Affiliate link]
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Thanks to Pam for joining me this week!
Make sure to catch up on last week’s episode “Episode 005: How an award-winning investor teaches her kids about the power of real estate with Mai Lee”!