Nickel Labs

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City: Palo Alto

State: California

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Country: United States

The Internet is changing money—how they access it, spend it and manage it. E-commerce and mobile payments have taken virtually all of the friction out of spending, making it much easier to spend money without much thinking. Their children are growing up in this brave new economy. In this complex, ever-evolving world of money one thing never changes: the importance of teaching their kids the value of a dollar. How can they, as parents, help educate their children about making smart spending and saving decisions? By rethinking allowance. It’s time for their children’s allowance to catch up with the digital economy. It’s time to talk to their kids about money, and empower them with the tools to shape a lifetime of financial well-being. It’s time for Nickel. Nickel helps you teach your kids to think about money and manage it wisely. It’s part mobile app and part MasterCard debit card. You can set a weekly or monthly allowance, and add a favorable interest rate to encourage your child to save. The allowance is auto-paid from your bank to your child’s Nickel Card, along with the compounding interest (which you also pay). Nickel helps teens and kids ages 8 and up make conscious choices around spending vs. saving—showing them how much interest they’ve earned already, and how much more they could earn if they choose to save instead of spend. Plus, Nickel lets you take the guesswork out of wondering where and how your kids are dropping their dimes by helping you track their spending and saving. But their mission goes beyond what the technology powering the Nickel debit card and app offers. Their goal is to help parents… - Encourage children and teens to make meaningful choices around money - Teach kids the power of compound interest - Help kids save and experience the time-value of money - Spark an important, ongoing dialogue between parents and their children about the value and purpose of money, helping kids develop healthy money habits that can last a lifetime Nickel is for children and their parents. They want to help the next generation learn to manage money by facing real decisions. They believe it’s good to learn from making mistakes young while the stakes are relatively low—with $30 rather than $30,000. Together, they can create a generation that is financially empowered. They created Nickel to give families the tools and resources to help them raise money-smart kids. They’re starting with allowance. The child or teen who thinks about whether to buy something today or save at a compounded-interest rate for tomorrow can develop the habits to grow into a financially savvy adult—one who spends mindfully and invests wisely, one who aligns their money to their values. They imagine a world where youth are empowered to save for college, make smart spending decisions, and maybe even manage an investment portfolio.

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