In an interview with CNBC in 2013, American billionaire Warren Buffett said that parents’ mistake is to wait until their children are teenagers to teach them about money.
He believes that financial education should start earlier from preschool because good habits must be formed at a young age. In many countries, education about money management has been incorporated into the curriculum. However, this concept is still new in both families and schools.
Generally, people often think of money as a rather sensitive issue, avoiding talking about money-related things or not teaching children early due to concerns that they may adversely affect children. But Huu Truong Ngo in Vietnam is changing this narrative with his project “goHeo”.
When asked why he started goHeo, Huu Truong Ngo said, “We realized that financial education is an extremely important issue, related to the level of financial literacy and civilization of an entire country.
It affects not only individuals but also households and businesses, thereby affecting the economy as a whole. It has a lasting effect. Taking everything into account, we launched the idea of goHeo which could help us solve this problem effectively and efficiently.”
With goHeo, kids earn money through chores, set saving goals, spend wisely, and invest. Kids and parents log into the app but have different experiences. Parents set flexible controls and receive real-time alerts, while kids monitor their balances, set goals, and learn how to manage money.
Huu Truong Ngo is the second position winner of the Savvy Prize 2022 for Impact-Driven Entrepreneurs. This Prize, running for its first year, seeks to recognize and support the efforts of Savvy Fellows working to solve some of the world’s most pressing problems through innovative and sustainable ways.
The debut edition of the Savvy Prize is being supported by The Roddenberry Foundation and Because International, which comes with a lot of benefits including cash prizes, product development support, and marketing endeavors. Out of nearly 3,000 applications from over 120 countries, and a rigorous judging process, 4 winners emerged, including Grace Amuzie