Youth money management skills revolutionized by MoneyPrep
What is MoneyPrep?
MoneyPrep is more than an EdTech app. It’s a company that is devoted to making sure the next generation is mentally and habitually ready to be money smart. MoneyPrep is a video game app that teaches young children money management skills in a fun and engaging way that is habit-forming so when MoneyPrep alumni move from the virtual world into the real world, they’ll have the skills they need to make smart money decisions.
The current industry landscape
The EdTech industry is booming due in part to the COVID-19 pandemic. While technology has been disrupting the education industry for years, the pandemic has led to an increase in need, investment, and trust in the industry. Projections for the global e-learning market have recently been revised from the previously forecasted US$250.1 Billion in 2020 to the updated US$457.8 Billion by 2026. This revision is said to be due to a massive uptick in e-learner numbers since the pandemic began.
There are certainly competitors in the market. Financial literacy is a topic that is getting a lot of attention and for good reason, it is greatly needed in every country around the world. And people are realizing that since habits start early, so must the learning. MoneyPrep’s main competitors to reach this young audience with a full spectrum learning program are course-based solutions (like EVERFI) and school-based programs (like Junior Achievement). MoneyPrep differentiates with its delivery approach. They have taken gamified learning to another level by making it engaging and encouraging continual play. Their belief is that smart habits are best formed with practice and repeat exposure to the lessons.
Why MoneyPrep was established
MoneyPrep is the brainchild of co-founder, Pam Liyanage. She’s a financial services expert and mother of four boys. The stroke of brilliance for the app came to her when standing in front of a roomful of her middle child’s classmates. She was talking to the class about her job for career day and she noticed 30 pairs of 9-year-old eyes glued to her as they held on to every word. They loved learning about money! At that moment, she knew she found her calling. She was going to teach kids how to manage money properly.
The other co-founder of MoneyPrep led multiple International companies’ business operations in South Korea. He is also a trophy-winning international race car driver. Now Gene Lee is leading MoneyPrep as the CEO with a clear vision of prosperity for MoneyPrep and future prosperity for the little gamers who love playing the money challenges of the app.
How MoneyPrep works
MoneyPrep is a video game app that teaches young children, aged 5-12, the important life skill of money management in a fun and engaging way. The game includes more than 40 challenges that have been played more than 8 million times in countries all around the world since the online version of the app was introduced in early 2021. The game developers are working to create deeper levels of understanding and increase the number of challenges to play.
The company vision
MoneyPrep has a two-pronged vision: 1. To teach young children how to make smart money decisions so that they’re in the habit when they take on life as independent adults. And 2: To break the taboo around talking about money, which has been a hush-hush topic in families for generations. MoneyPrep is focused on opening the money conversation with anyone and everyone. The company believes that being comfortable conversing about money will make the topic much less stressful to a lot of people. If society is able to openly talk about money with their kids, in particular, it will give them a better chance of becoming financially healthy adults.
The vast majority of parents of MoneyPrep gamers give the app two thumbs up and remark on how “we didn’t have anything like this when we were kids.” Home education enthusiast Christal Gamble is one of them. She has a gifted child who was reading at age two. He is now in kindergarten and according to his mother, “he loves [MoneyPrep]!” she calls the app a “good quality resource” and allows her little boy to play it whenever he asks for MoneyPrep. As they play, kids learn the habits necessary to make smart and responsible money decisions, skills they can actually use in everyday life. MoneyPrep is guiding them to make informed money choices and build bright financial futures for themselves.
About the team
Headquartered in Edmonton, Canada, the MoneyPrep office has a small but super fun and vibrant team that is fully committed to the company vision, both in-office and remotely. They are a team of diverse individuals with people from all around the world who are united with a common purpose. This was a calculated move by the co-founders. They see value in viewing the world through a diverse lens and prove it by creating a brilliant product with a team of talented and smart people from many different backgrounds and ethnicities.
A fun thing they do is something they call a “Highlight Lunch”. They share and celebrate their different cultures with theme lunches. Take out for Nigerian, Korean, Pakistani, Sri Lankan and Canadian deliciousness is a common occurrence, making the offices next door very jealous.
A quote from the founder
“Financial literacy for kids can be the difference of them achieving what they dream of or what they settle for.” - Pam Liyanage, co-founder of MoneyPrep.
Check them out: https://www.moneyprep.com/
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