Financial literacy program, teaching kids how to spend

(WICHITA, Kan.) — He looks like a super hero but to kids at Exploration Place on Sunday, 'Mr. Cool Money' is a super saver.

Armed with a savings account, 'Cool Money' transforms Exploration Place's lobby into a makeshift financial planning class for eight-year-olds.

"Looking at the crisis that we're in today, debt crisis, I feel like if we teach the concept of financial literacy at an early age then they practice that all through their life," says Derick Chambers.

Sunday, dozens of kids work with their parents, developing a budget that allows them to save for something they want to buy.

"Budgeting, once you learn budgeting you know what's important and your wants and needs," says Chambers.

Kristine Vasquez understands sometimes wants and needs can be hard to distinguish, it's a skill she constantly works on with her children.

"They haven't been very successful at saving but at least they're getting a feel for what its like to earn their money and if its worth spending," says Kristine Vasquez.

By creating a spending plan, every child at Exploration Place is entered to win a $250 dollar savings account.

An incentive to instill kids with the knowledge to make the right financial choices.

The group teaches a similar program at some area Wichita schools.

And its been so successful the district is considering adding a financial literacy class in all high schools for students to complete.

"Reality check, when you get out there and you just spend money as fast as they want to spend it now then you're not going to be prepared for anything in the future," says Vasquez.

And being prepared is Mr. Cool Money's serious life lesson made possible through his silly character.

The policy proposal to change graduation requirements to include a financial literacy class has been brought up before the board of education but the board hasn't approved it yet.