It's Wednesday, April 1st. Welcome to Market Foolery. I'm Chris Hill and as you've heard me say before our mission here at the Motley Fool is to help the world invest better.

And one of the questions we get most often is how can I teach my kids

about money and we've talked on this podcast about how to teach kids how to invest

but I'm happy to say that for the first time in our company's history

we have launched a brand new initiative to help kids learn about not just

investing but really the most basic money skills the building blocks if you will that lay the groundwork

for investing in the future and it's an initiative we're launching in partnership with McClosky Industries.

It's teaching kids about money by giving them access to money in a way that frankly they never could before

with the brand new kitty card which we've introduced today.

Joining me on the phone now to discuss this further is the founder and CEO of McClosky Industries, Larry McClosky.

Larry, thank you so much for being here.

Oh, thank you so much for having me, Chris. an exciting day for both of us I believe

that's thrilled to be a part of the whole venture and excited to tell you

remember the all about our program it It really is pretty interesting.

And for all of the innovation that has gone on

in the financial industry over the last 20, 30 years,

it's pretty surprising when you think about it

that the national average interest

rate on the average credit card is 15 percent and maybe that's as good a place as any to start

Larry for people who are interested in the kitty card and sort of what it's all about, let's talk about the interest rate. How does it work and how did you come about calculating what ends up being you know depending on the child

a substantially lower interest rate?

Sure sure I'm happy I'm happy to explain that.

...