Valley moms innovate finance education with new app
Two Phoenix moms and former attorneys created an app to teach kids good money habits early, with sponsorship from banks and credit unions.
PHOENIX — Two Valley moms and former attorneys have now turned into full-time advocates for early childhood financial education through an app they created.
Financial habits are formed by the age of seven, according to a Cambridge University study.
And by that age, research shows that kids have often already formed core behaviors they will take into adulthood, habits that could affect financial decisions they make for the rest of their lives.
“Money has always been really important to me,” said Chasity Bojorquez, who learned about finances at a young age. “I’ve been talking about money my entire life, from the perspective of a sign language interpreter,” she said.
It’s one of the many things Bojorquez has helped her parents with over the years.
“My parents are both deaf, so, little me was interpreting all conversations that they had and like most adults, a lot of them involved money,” she said.
When she became a mom, she knew it was crucial to talk with her kids about finances.
“…to instill the basics of money to my kids at a young age,” said Bojorquez.
She founded a helpful app called My First Nest Egg.
“I was able to start building my money sense and with the app and walk through it with my kids as well,” she said.
Her 7-year-old son Jaxon loves it.
“You’ve gotta do chores and you get to add puzzle pieces,” he said. “It’s hard work, but it’s worth it.”
The app features a digital piggy bank, allowance tracking and chore rewards.
“When you complete your puzzle piece, you get lots and lots of money,” he said.
The app was created by two Phoenix moms and former attorneys, Nicolle Hood and Annie Shoen.
“It’s sponsored by banks and credit unions around the country,” said Hood. “We’re able to provide it to schools, families and communities, so they can learn about good money habits for their kids.”
The purpose of the app is to help kids learn that people, especially those they look up to, didn’t start out rich.
“It was a game changer for us,” said Shoen. “Kids have all these idols in the world now and there are these billionaires. There’s Jeff Bezos, there’s Oprah Winfrey, but they didn’t necessarily start that way, so we want to teach kids that it just starts with piece by piece, building their financial future.”
The app is now reaching thousands of people across the globe, helping kids like Jaxon grow up with good money habits.
“When I grow up, the savings will get bigger and bigger just like a tree,” he said.
For more information about My First Nest Egg, click here.
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