Teaching children positive money habits from a young age can have lifelong effects. Children who learn fundamental concepts such as budgeting and saving are more likely to engage in good financial behaviors as adults. They are also more likely to have healthy relationships if there is less financial pressure.
Board Games
Playing board games can be a fun way to spend a family game night, but the benefits can extend beyond entertainment. Research suggests that board games help players simplify complex issues and engage in creative thinking. You will find a wide range of board games to teach kids about money for various age groups. Let’s review some of them.
Online Games
Online games can offer several important benefits to children. Similar to playing board games, online games encourage strategic thinking and creativity. The key is to find online financial games for kids that are both educational and entertaining.
Programs and Apps
Educational apps and programs can be another way to teach children about money. For younger children, for example, research suggests that apps targeting math skills and literacy skills can build a stronger academic and cognitive foundation, which can empower them in managing money.
Math Lessons to Teach Kids About Money
If you want to simplify teaching children about money as much as possible, you can try using some simple games at home. Hands-on activities are often the best way to encourage kids to think about how money works. For example:
Conclusion
Providing children with a comprehensive financial education when they are young can benefit them in their adult lives as they earn money, manage credit, and create budgets. Financial games can be one of the best ways to introduce financial concepts while keeping children engaged when teaching financial literacy.
Frequently Asked Questions (FAQs)
How do you teach kids to manage money?
Teaching kids to manage money can include using money games, but it also involves regular discussions about financial concepts. Setting up a simple savings jar can provide an interactive way to track savings for younger children. Older kids may benefit from having a prepaid debit card to manage money.
How do you teach kids to save money?
Teaching kids how to save money starts by setting a savings goal together. From there, you can help kids create a savings plan. You can also teach kids about saving by setting a good example with your own money.
What is the right age to teach kids about money?
Children may be developmentally ready to start learning about money as young as 5 years old. The right age to teach kids about money is generally when they have their own money to manage, which may be at age 3 for some children.
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Source: https://www.thebalancemoney.com/games-and-programs-to-teach-kids-about-money-2085683
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