Let’s face it, younger kids have a short attention span and sometimes can’t sit through a conversation without getting distracted. Every parent teaches their children financial literacy lessons, whether intentional or not. Providing opportunities for kids to learn money matters early on is ideal.
If there’s one thing we know about children, it’s that they love games. If you want to teach your children financial literacy, without a lot of pushback, here are a few games that you can play with them.
1. The Game of Life
The Game of Life game is excellent for the entire family to play. Players are in for a life of adventure, family, surprises, and pets! Each player can take the family path, start a business, or venture down a risky road. In this game, players can make their own exciting decisions. The goal of the game is simple, the player with the most money at the end of the game wins!
This game teaches children how to make the right decisions, how to manage money, when to spend and when to save. The financial lessons are great.
Among the lessons monopoly will teach your kids is that accumulating debt should be avoided because it will create a money trap, causing you to go bankrupt. Monopoly encourages the spirit of entrepreneurship and teaches kids that starting a business takes dedication and hard work, but it is worth it.
Other lessons that Monopoly teaches are: borrowing money consistently from people can negatively impact relationships, creating savings or an emergency fund can help in times of emergencies, and the awareness that the most expensive choices are not always the best ways to spend your money.
3. CashFlow for Kids
CashFlow for Kids is one of the best games to help you teach your kids about money. For children, age six and up, the goal is to learn money strategy in cashflow, capital gains, assets, and liabilities by using real world context.
This game relies heavily upon critical thinking and counting. At the end of the game, the player with the most passive income is the winner.
4. Pay Day
This game mimics money management. Throughout the game, players accumulate bills and expenses they have to pay and collect their monthly wages on “payday” at the end of the month. The winner of Pay Day is the player who has the most money left at the end of the last month of play.
5. Charge Large
Charge Large teaches players how to use credit responsibly while building net worth. Additionally, it teaches kids that racking up enormous credit debt without saving and investing can create a financial disaster. Another lesson from Charge Large is using credit often means making interest payments, and increasing credit card limits can cause overspending.
If you want your children to understand the intricacies of financial literacy, Kash Kids provides financial literacy courses to help equip your kids to solve future financial problems. We do this by empowering them to make the right financial choices. Kash Kids also focuses on improving kids’ reading and math scores.