One out of two families in the U.S. are financially fragile. What does that mean? It means that an unexpected expense of $2,000 would be cause for panic. A random doctor’s bill or school related expenditure of this magnitude would force a financially fragile family to seek a small loan or take on credit card debt. If you’re not shocked by this fact, then I’ll just have to be shocked for the both of us.

Why do so many families tend to live on the edge with respect to finances? According to Seamus Matthews, CEO and co-founder of Pennyowl, the root of the issue is a lack of financial education. To remedy this problem, Seamus and his team designed Pennyowl, a mobile app that teaches kids how to collect, spend, and save money. It’s a revolutionary system that trains the mind using virtual currency so that kids will understand how to handle money as teenagers and adults. As the app evolves, it will eventually use real money so that parents can dole out actual allowances and payments through the system.

What’s interesting about the market for Pennyowl is that both low-income and high-income families seem to love it. The low-income folks want to train their children so they avoid debt and eventually reach financial stability, while the high-income clientele seek to prepare their children for the risks and troubles that come along with inheriting reasonably large sums of money. It’s obvious that there is a massive need and demand for this product. If you’re interested in learning more, make sure to check out the entire episode! You can read all the specifications of the product at http://www.pennyowl.com.