"We are hoping to bring My First Nest Egg to as many credit unions and other trusted institutions as possible in order to eradicate financial illiteracy." "These credit union partnerships are the ideal way to impact youth financial literacy across the U.S.," said Hood. Money is more about the mind than it is the math, and My First Nest Egg seeks to instill good habits in childhood to enhance financial outcomes and decrease financial stress in adulthood. In fact, 64% of adults identify money as a significant stressor in their lives. "This lack of early education has caused a financial literacy epidemic and is a key driver of poor mental health in adulthood." "Money habits are set as early as age seven, but most kids lack exposure to even basic money concepts during these early years," said Shoen, who serves as COO of My First Nest Egg. We are also proud to support a local female and minority-owned business." "My First Nest Egg helps us continue our pursuit of our members' financial wellness with the latest technology. "Landings Credit Union is proud to partner with My First Nest Egg to deliver engaging financial literacy content in a fun and age-appropriate way," said President and CEO Brian Lee. The app is free to all members of partner credit unions. The app not only operates as a chore and award management system for families but also provides an age-appropriate financial literacy curriculum for kids based on national standards. The app makes learning healthy money habits fun with earning puzzles, leaderboards, and a robust financial curriculum. My First Nest Egg enlisted the help of a child psychologist to design a unique product that puts the mental wellness of children first. We share a goal to eradicate financial illiteracy and support our members - this puts us on the right path." We are very optimistic about the opportunity to provide engaging, gamified financial education to kids as young as age three through My First Nest Egg. At Y-12 Federal Credit Union, our mission is to be an innovative financial partner, transforming the lives of our members and communities by developing lasting relationships and delivering 'WOW' experiences," said Director of Community and Public Relations, Alicia Strange. "Youth financial literacy is one of the largest challenges we are facing as a nation. This includes a white-labeled smart piggy bank, an age-appropriate curriculum, a website, calculators, and more for each credit union to build on its youth programming. Both credit unions received a custom co-branded version of the My First Nest Egg app and content to teach its youngest members a fun way to earn, save and be generous. Without extra financial literacy programs, this paints a very scary picture of our children's financial futures."įinancial literacy in youth is also a critical priority for both Y-12 Federal Credit Union, with $1.8 billion in assets under management and serving over 115,000 members across 16 branches, and Landings Credit Union, with $200 million in assets under management and serving over 15,000 members across 3 locations. Kids do not transact with cash, most everything is digital and this has prevented them from truly grasping how money works. "They open an app, click to order an item and it arrives on their doorstep. Typically, the cash transfers given to men led to increased spending on assets and consumption, while the money given to women contributed to things that would benefit children, like health and education."The 'Amazon Effect' is a real issue with youth today when it comes to understanding the value of money," said Hood who serves as CEO of My First Nest Egg. They also spent more on investments such as agriculture and home repair, experienced greater food security, and made more money if they were self-employed. The result: People who received the money were happier, more satisfied with life, less stressed, and depressed less often. The researchers tracked how people fared at both the village level and within individual households, even randomizing the gender of the recipient and the amount they received, which in most cases was a few dollars a day. A larger experiment, involving 6,000 people over the course of a decade, is slated to begin later this year. The goal is to see what kind of improvements extra cash makes on people's lives. It often indicates a user profile.ĭata came from the NGO GiveDirectly, which for the last five years has been wiring small amounts of money to random groups of people in East Africa. Account icon An icon in the shape of a person's head and shoulders.
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