Startup teaching kids how to handle money also guides parents to support them

Founder Nina Othman on the right in yellow.

This article is part of Tech in Asia’s partnership with Speak Up Asia where we publish the revised transcripts from the show’s podcast interviews with Asian entrepreneurs. This is heavily revised from the original transcripts. For the full interview, go here.

Nina Othman is the founder of Grow the Goose, a social enterprise that is teaching children and teens how to be financially disciplined.

Othman’s idea is to condition the children at a young age to be conscious of their spending and to be aware of how to allocate their money so they’re better off once they enter the job market in Malaysia.

How did you get your start?

So how we began was exactly two years ago. I was in confinement with my third child and my boys actually asked for roller shoes because they saw it on TV or something […]. I said, “We’re on a tight budget because the baby just came, so if you want anything, you have to go find your own money.”

And then they said, “OK. We want to sell fried chicken.” I said, “You cannot. Fried chicken is not healthy. Let’s think of something else.”

I had a friend who produced healthy sausages—no calories, no preservatives […]. So I started posting on my Facebook and Instagram, “My boys are raising funds to buy their own roller shoes. If you could support them, just buy some sausages.”

So I did that while in confinement. And then on the weekends, they would go deliver with their dad. After two weeks, they got enough funds to buy their roller shoes, and that’s when I posted online again about their achievements.

Then, I had this bunch of inquiries from parents asking that their kids be agents too. [They] also asked me whether I had a module to teach kids this. I was at a crossroad with my previous venture, so I was like, “Hey, maybe this is something that I want to start.”

So that’s when I took six months to work on a decent module and started testing it out.

What’s one method you teach them?

I understand that [my sons] got what they wanted. So that’s a good thing, but there needs to be discipline as well because if they just get the money and it just goes out, it’s the same cycle as well.

So that’s when I embedded the money jar system, which is a system that has been used for centuries. It’s [a system of] how you divide your money into different functions.

I’m using four jars that I teach the kids. We have the Goose Jar [which is where you put] money that you don’t touch until you’re 18. That’s to help you achieve your dreams—whatever it may be.

And then you have the Knowledge Jar, [which is] for you to “upskill” yourself. Do you love baking? Go for a baking class. Do you love science? Go for a science class. Maybe then you can learn how to make your own soaps and candles and then sell those and make more money. At least there’s something sustainable there.

What are the kids taught in schools today? 

What’s your course structure?

What kind of beliefs are you trying to nurture in these children?