The RIGHT way to teach your kids about money.
A 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.
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.
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