ParentPay is committed to supporting parents and schools with efficient payment solutions. Last year, we asked 6,000 parents to participate in a study to explore their attitudes towards financial education needs. We asked whether products and services available today support financial awareness and understanding among young people.
Here’s a few things we discovered in our research:
1 in 3
parents feel traditional banks don't currently meet the needs of parents and children when it comes to managing a child's pocket money
7 in 10
parents agree that children today understand the value of money less well than they did as children
8 in 10
parents agreed that schools should be doing more to teach children about how to be responsible with money
8 in 10
parents feel children today spend money too easily as the value of money is not understood
nimbl - building financial confidence
But when it comes to money, we don’t always have the tools to help them understand and manage it properly.
That's why we came up with nimbl - an exciting new service that supports financial freedom of young people in our digital world. nimbl offers parents a safe and secure environment to support their children in becoming financially confident and independent.
nimbl empowers young people with financial responsibility and encourages them to learn how to make good financial decisions from early in life - it's designed with both parents and young people in mind.
Financial responsibility cannot be learnt overnight - it takes time to develop these important skills, so start your children on their journey towards financial independence today.
Our rewarding partnership with Child & Youth Finance International
Who are CYFI?
CYFI are dedicated towards helping children and youth to become financially empowered, leading the Child & Youth Finance Movements globally. They aim to instil financial wisdom among children and youth, giving them the opportunity to learn how to save, as well as giving them the skills to find employment or even start their own business.
CYFI encourage financial resource management from an early age in order to minimise financial and social vulnerabilities. They develop and promote the Education Learning Framework for Economic Citizenship Education (ECE) that represents financial, social and livelihoods’ education. This framework forms the foundation of teaching about money management in classrooms which positively impacts the financial decisions, earning and income, saving and investing and use of financial services among young people.
Moreover, CYFI focus on extensive research with the intention of developing great insights into financial education and inclusion policies. The goal behind the research is to create an evolving knowledge base that justifies and supports the policy agenda of CYFI.
CYFI work on four projects…
Global Money Week
Teaches young people about money management & savings from an early age
A platform for 16 to 30 year olds to support youth entrepreneurship
Aims to increase financial inclusion of young people through the school system
Connects young people across the world for economic citizenship
Global Money Week
Global Money Week aims to inspire children and youth to learn about money management skills. The goal is to promote financial education among youngsters; this year’s theme was to ‘Take Part. Save Smart’. This conveyed the importance for children and youth to learn smart spending habits early in life so they grow up to become responsible adults with good financial skills.
With the intention of celebrating and raising awareness for Global Money Week, we conducted a survey among parents and children to understand their attitudes towards existing payment products for young people.
We received an excellent response to our survey – thank you all for participating!
We are now working together with CYFI to study the exciting survey results and we look forward to sharing the findings with you in the coming weeks.