CU Insight

September 13, 2013, Chilliwack, BC, Canada – To give Money Mom credit unions a great tool to feature and promote financial education, Currency is partnering with FamZoo, a family friendly web application that helps parents teach children the practical money skills they’ll need to thrive in the real world.

There’s a huge educational gap between the piggy bank and the commercial checking account. The piggy bank is a good first start for the very young, but it quickly runs out of steam as an educational tool. Yet, a traditional checking account and giving kids access to their checking information can be daunting and unsafe.

Since money and values are so deeply intertwined, kids need to work closely with their parents. Since parents are insanely busy, the solution must be quick to set up and painless to maintain. What’s the answer? FamZoo’s “virtual family credit union.” With FamZoo, parents can teach money basics, manage allowances and chores, set budgets, track savings goals, encourage charitable giving and much more.

“As soon as I saw Currency’s vibrant Money Mom community in action at VerityMom.com, I knew it could be a perfect match for FamZoo,” says FamZoo founder Bill Dwight, a former Oracle executive. “Moms love to exchange ideas on the best way to teach kids about money, and it’s a particularly hot topic in today’s tough economy. Should I give my child an allowance? How much? Should it be linked to chores? How do I avoid fostering a sense of entitlement? How do I teach saving and charitable giving? The Money Mom program facilitates those conversations helping each mom in the community find the strategy that fits her family’s unique situation and values best. FamZoo helps moms turn those strategies into tangible, consistent action and, ultimately, lasting good money habits. Together, Money Mom and FamZoo are a fantastic combination of advice and action.”

Money Mom credit unions can now get a co-branded version of the FamZoo application infused with the credit union and Money Mom brands as well as targeted content – special offers, social media streams, educational material and latest videos.

About Money Mom:
Based on Currency’s award-winning Young , Money Mom finds a local mom to be the voice of your credit union. Her job is to connect on- and off-line with the local community to raise awareness and affinity for your credit union. For more information about Money Mom, please visit http://www.currencymarketing.ca/money-mom or email spitkethly@currencymarketing.ca.

About FamZoo:
FamZoo’s online “Virtual Family Bank” helps parents teach their kids good personal finance habits through real-world, hands-on practice. FamZoo Partner Edition is a co-branded version of FamZoo with a built-in targeted advertising platform that allows banks, credit unions, and other financial organizations to deliver superior youth financial education while establishing a long-term relationship with their next generation clients. For more information about FamZoo, please visit http://www.famzoo.com or email pr@famzoo.com.