Kate McKinnon used pizza to teach kids about financial literacy, and it was deliciously informative.
Kate took time off from her Saturday Night Live day job to do a quick video about financial literacy with three children: Justine, Ricky, and Jillian. April is Financial Literacy Month, and what better time to start teaching the ABCs of financial literacy than in early grade school.
To start off, Kate threw a softball at the kids asking an easy question: what is money? All the kids were able to answer this question successfully, with Jillian adding that she had lots of money in her boot.
“In your room?” Asked McKinnon.
“No,” clarified Jillian. “In my boot.”
This prompted a boot to be thrown at Kate, who announced she will begin keeping her funds in the knee-high zip up.
Things got more difficult when it came time to discuss loans. To explain the concept of loans, Kate stood behind the prize counter at Chuck-E-Cheese and gave each of the kids some tickets. Justine asked if she could have the large set of glasses, but found she had insufficient tickets.
“I could give you the glasses--if you choose to take out a loan,” suggested McKinnon. “That means I’m going to lend you two tickets, but then you have to come back to my house next week with nine tickets.”
That kind of interest is highway robbery! If the FTC were not currently staffed by a bunch of corporate shills, they might have even launched an investigation into McKinnon's business practices.
“Kate’s offer may sound great, but be careful when you borrow,” warns financial journalist and New York Times bestselling author Beth Kobliner. “It can cost you lots of extra tickets come payback time!”
Next up is the concept of delayed gratification. Kate asks the kids if they would like a single bite of pizza now or if they would like an entire slice of pizza later. Once again, Kobliner comes out to offer the kids some sound advice.
“Waiting is an important skill,” points out Kobliner. “When you wait, you can save up for something you really want--like a slice of pizza.”
You can check out the whole video below, and you can check out Kobliner’s site for her bestselling books on personal finance.