Learning about money can be complicated. In many ways, it seems designed to confuse and lead people astray.
The possible complications that can come from not understanding your financial affairs are endless. That's why financial education is so important. Luckily, youth today are very dedicated to being financially stable and independent and have taken control of that from a young age. This, coupled with families trying to impart these lessons at home, has begun what is hopefully a wave of positive change.
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Bolun Li recognized the need for better financial education for young people. That led him and a team to build the Zogo app. The founder and CEO spoke with LittleThings about how kids are learning about money today.
Bolun started his financial education journey after attending a college lecture.
Bolun Li, founder and CEO of Zogo, discussed how he started his own personal finance journey.
"I attended a financial literacy seminar when I was a freshman at Duke University and
noticed almost all of the students around me were disengaged because the
presentation was so dry and lengthy," he recalled.
"I was surprised because personal finance is so vital and significantly impacts our daily lives."
It wasn't long until that idea blossomed into the Zogo app.
Bolun realized the need to bridge the gap between providing this education and making sure it's truly understood.
"The entrepreneur in me saw this as a major problem to fix, so I spoke with some like-minded friends, and we started creating Zogo from my dorm room," he explained.
Zogo provides different modules that teach kids about money and help them earn some, too!
Zogo has professionally verified educational modules that help deliver different financial information in short, easy-to-digest lessons. Users can then test their knowledge to earn in-app currency (virtual pineapples). That currency can be saved up and converted into gift cards, donations, checking account bonuses, and more.
"Our technology helps to alleviate the overwhelming intimidation that is often associated with learning about finances," Bolun explained.
"I also knew that rewarding people to learn would be a game changer," Bolun continued.
"Zogo teaches the ins and outs of personal finance in a way that users actually love — on their phone. The modules are gamified, broken into bite-sized chunks, and offer incentives."
Bolun feels Zogo taps into Gen Z's style of learning and personal growth.
Zogo addresses Gen Z's style of learning while also understanding their desire for personal growth. Here's why Bolun feels this generation is so dedicated to taking control of their financial literacy.
"More than anything, I think what makes our generation really awesome and unique is
the fact that we genuinely want to learn and take control of our finances, but we need to learn in a way that is fun, simple, and social," he said.
"I think a lot of us saw our families go through hard times financially while we were growing up, have witnessed the ineffectiveness of financial education, and we want to grow from that and make life easier on ourselves and for future generations to come."
Financial education can (and should) undergo some big changes.
The call for a better way to learn these important life skills, both from those coming up on that time in their lives and those who have already been there and want better for others, will only grow. Bolun shared his thoughts for how this space will evolve in the next decade.
"We are seeing more and more states propose and pass legislation to add some form of financial teaching in high school, which is great progress," he noted.
"I predict we'll continue to see this trend … I think within the next decade the stats will show that Gen Z is the most financially literate and fiscally responsible generation yet, and we're very grateful to be considered leaders in this movement."
Bolun shared his biggest tip for those looking to build their financial savvy.
Bolun wants young people to know that the possibilities are endless. Believing in yourself and staying dedicated to learning are the way there.
"Educate and invest in yourself," he advised.
"Even if someone doesn't have 'a lot of money,' it doesn't matter. Human capital is your biggest asset."
