Free tools and resources
“Many parents do not approach the subject of financial literacy for kids because they lack the confidence themselves.” Thomas Henske, partner at Lenox Advisors in New York. His advice? Learn together.
The biggest stumbling block is knowing where to go to find good resources, and there are many if parents or caregivers know where to look.
Online: The Council for Economic Education is a great tool to help make learning fun. They have an at-home “Financial Fun Pack” that provides activities and worksheets that families can do together.
Another is Next Gen Personal Finance, which also has games and activities to reinforce learning about topics like investing and budgeting.
Khan Academy is always a great resource for learning. They provide all types of free courses including personal finance and money.
When trying to figure out how and when to address financial literacy in kids, never underestimate the power of games. Children love learning through play, especially when they are engaged. “Concepts learned in games help children understand cause and effect, make mistakes and get rewarded for smart choices.” Stephanie Mackara, president of Charleston Investment Advisors.
There are many board games that are ideal for teaching money/ life lessons to kids including, Monopoly, Pay Day, The Game of Life, The Allowance Game, The Stock Exchange Game, Money Bags, Buy It Right, and Act Your Wage!
The American Bankers Association Foundation annually sponsors “Teach Your Children to Save Day,” in April to help build awareness in parents and caregivers alike to address financial literacy in children.
We hope you use these valuable resources, and we give credit to CNBC and Michelle Fox for the helpful information.