A Fun Long-Term Solution to Canada’s Cash-Strapped Adult Trend

It’s a confusing time, in terms of forming good financial habits for many Canadian children. Their role models are uncertain with their financial situations due to pandemic stresses and some are just trying to get by. One EdTech company is hoping to help set kids on more solid footing when it comes to their future money management skills.

Many children are currently seeing their parents take financial help from their own ageing parents. The last eighteen months have seen a growing reliance on family for money help.

A national survey by Finder.com says at least 1.5 million Canadians moved back home to live with their parents due to the COVID-19 pandemic and a 2019 Royal Bank of Canada (RBC) poll on family finances says 48% of parents of adult children continued to subsidize their 30-35-year-old childrens’ income.

MoneyPrep Co-founder, Pam Liyanage believes this is a cycle that must be broken, “Every parent that has ever struggled with money wants their kids to do better and to be able to stand on their own two feet. The MoneyPrep app is designed to help prepare them to do just that.”

MoneyPrep is a video game app designed to teach children as young as 5 years old how to make smart money decisions so they grow into adults who are in the habit of thinking responsibly about their finances and planning ahead.

MoneyPrep games have been played more than 7 million times since their official launch in January 2021. It is now available for download on the App Store and Google Play.