According to a 2012 report by ad firm Digitas, children between the ages of 6 and 12 have more than $1 trillion in buying power—a figure that combines what they spend on themselves and what they influence their parents to buy for them. Still, surveys suggest that many kids lack the knowledge to make informed decisions about how to spend and save.
Enter World of Money, a New York City-based non-profit that immerses urban consumers of tomorrow with a curriculum steeped in finance and technology. The group calls their students moguls, enforces a business casual dress code, and teaches them everything from commodities, mutual funds—and Mandarin Chinese.
The students, many from under-privileged backgrounds, are pulled from a range of schools across the metropolitan New York area. Sabrina Lamb, World of Money's founder and CEO, sees the organization as a public service and the fulfillment of a dream.
"How different had my life had been if I received financial education as a child?" Lamb told CNBC in an interview. "We are determined that from the moment kids enter our doors, they understand the power of money and community service."