Financial literacy is the ability to use knowledge and skills to make effective and informed money management decisions. Gaining the knowledge and developing the skills to become financially literate is a lifelong process that begins with something as simple as putting a few pennies in a coin container, and evolves to more advanced subjects such as risk and asset allocation.
At Kidzzdom® we have replicated the most commonly used currency transactions that are applied in real life to initiate children to an early age financial literacy, especially after we noticed that this subject is not emphasized in most educational systems.
The park economy is wisely structured to involve children in familiarizing with most economic cycles, by educating them about the values of work and by simplifying the process of exchanging money for goods and services.
The currency of Kidzzdom® is the Riyalino, and is issued 5 denominations, 1, 5, 10, 20, and 50.
When buying their entry ticket to Kidzzdom®, children will get a Riyalino check, which can be cashed or deposited at the bank.
As in any real economy system, goods and services are purchased with money and works or community services are rewarded with earning money. This is where the initiation starts, the initial capital is the first check they get, and after this everything depends on their ambitions and aspirations; they can choose to only earn money or spend everything they earn, or they can choose to be somewhere in the middle.
Similarly, at the end of the trip, children can decide to deposit their Riyalinos at the bank, take them home in cash, or redeem them against products from the park redemption store.
Children also have the possibility of serving their community by donating their Riyalinos to one of the many causes that Kidzzdom® supports as part of its CSR program.
At the end of their trip children would have been exposed to the below components of the economic cycle: