E*Trade Bank has teamed up with Internet services firm Laughlin/Constable Interactive to develop a Web site aimed at teaching teenagers the fundamental basics of personal finance such as paying taxes, using credit cards, and saving.
The site will use a video game format - based on an international spy caper - illustration, animation and music, to empart the fundamentals of financial literacy while taking students on a series of crime-solving secret missions. The Web site is scheduled to launch in fall 2002.
According to Mitchell Caplan, chief financial products officer and managing director, North America of E*Trade Group, many teens say they need to better understand how to save and manage their money to feel confident about their financial future.
"Our new site makes financial education fun and teaches real-life lessons to teens," he says.