A new venture aimed at teaching children about money, banking and personal finances is currently under way, according to a financial planning publication.

The idea involves not only a franchise of banking services either within a bank or a retail location, but also educational books, videos and computer programs, notes Financial Services Week.Included are basic budgeting skills and subjects ranging from how a bank works to insurance, investing and basics on starting a business.

The banking franchise will include checking and savings accounts as well as a college savings system, all designed to be joint accounts.

The First Children's Bank is located in the F.A.O. Schwarz toy store in New York.