piggy bankA study by the bank FleetBoston found that:

  •  Parents with children five years or older, three quarters (75%) do not feel well prepared to teach their children about basic personal finances.
  • The Council on Economic Education found that nearly 90% of students depend on their parents for information, while 80% of parents believe that schools are teaching financial education to their students.

Personal financial education should begin early, and families need to be involved.

Financial Literacy

Networks Financial Institute at Indiana State University life skills in financial literacy, develop healthy spending habits, make wise choices, and build confident attitudes toward money management. Their comprehensive Kids Count program offers two free and useful resources for teaching kids about money:

My Family Counts TM – An activity workbook presents practical tools for families to use to teach and practice responsible money management.

Kids Count: The Fun Game of Dollars and Sense TM – An unique board game offers flexible and fun ways to teach and reinforce key lessons about economics and money management that can be easily used in the family room. Is Your Child’s School Teaching Children About Money? You can suggest they use Kids Countâ„¢ which s a complete financial literacy program developed specifically for elementary age kids. Kids learn the basics of managing money including earning an income, setting spending priorities,  developing budgets, tracking financial accounts, and even the importance of donating to worthy causes. Kids Countâ„¢ curriculum is mapped to relevant Department of Education Standards, so teachers can effectively meet and exceed learning objectives.

Apps That Teach Kids About Money

Kids are notorious for “I want!” with Wishfnity parents can turn each “I want” into a motivational tool. A tantrum in the store becomes “add it to your Wishfinity wish list.” No gimmicky virtual stickers, kids earn physical products and real-world experiences that they choose. Providing desirable rewards is critical to engage the child during their entire development and into adulthood.

Free Apps

PiggyBot digital piggy bank.is a the free iOS kids app that helps kids ages 4-8 to create a virtual account with their own PIN number.  Kids set a goal for an item they’d like to buy and, when allowance time rolls around, parents add virtual funds to the goal amount. When the goal is reached, parents paying up is all on the honor system.

Bankaroo is an  Android, Windows and Amazon App for kids ages 6-11. Kids create a virtual bank account. It includes being able to set up reoccurring payments for allowances and provides badges for savings  Bankaroo works for all the kids in the family and even in a classroom setting.

Teach Kids About Money Videos

Money Smart for Young People videos provided by the FDIC.

Teach Kids About Advertising

Kids will learn  about the messages behind ads will learn to  understand the differences between real vs. ideal   and how to not let ads affect your self image

 

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Geraldine Jensen

Publisher and Editor of Families Online Magazine. Our experts provide warm, loving, and generous advice for you, your family and children, no matter their age -- infants, school age, 'tweens, and teenagers. Features include:Parenting, Ages and Stages of Child Development, Child Support, Cooking, Health, Children's Books, Nutrition, Christian Parenting, Relationships, Green-living, Education and School

Ms. Jensen is a leading advocate for families and children and was the founder and president of ACES, The Association for Children for Enforcement of Support.
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