How can we improve the next generation’s financial literacy? Well…that’s the purpose of our open letters, but we may need something more. A pocketmoney app, a video or board game, an activity perhaps… all children learn different and grasp concepts in various ways. Here are some methods that could teach your kids about money in a way they might understand.
Disclosure: This page may contain affiliate links where theFIway.com receives compensation of some sort if you decide to utilize a method. Any benefits received do not influence our decision to post the link as these are legit tools that we consider of great value in financial literacy education. These links solely provide us a means to keep generating free content.
Legit Financial Literacy Games, Apps, and Tools
As children get older, they’ll need additional methods to learn about managing money and get accustom to proper credit card use. FamZoo utilizes prepaid cards and a family finance app for virtual banking designed to teach teens about earning, saving, and spending wisely. Parents define the rules, automate allowances, chore rewards, penalties for missed work, interest on savings, expense sharing, contribution matches, budgets, loans, and more.
RoosterMoney is by far the best app to teach young children about money in the chores and allowance ages. To see how it can be used, check out Kylven Ross’ 20 week challenge and review of his kids RoosterMoney pursuit to FI. The app can be set to truly demonstrate the power of compound interest, earning, saving, and managing money in a way that kids will understand.
Robert Kiyosaki’s Cash Flow board game teaches kids how to build passive income and get out of the rat race when they grow up. You will be presented with various opportunities each turn. It’s a fun way to learn how to evaluate real estate and stock purchases while dealing with debt and the curveballs life presents. It’s more of a conceptual learning experience rather than what you would likely do in the real world.
Dave Ramsey’s Financial Peace Junior was developed to teach kids about money. He created age appropriate activities, chores, and tools that make it easy give your kids a semblance of financial literacy at a young age. You’ll receive video lessons, dry erase boards, workbooks, chore charts, the Smart Money Smart Kids book free (nearly double the value), and more with the Financial Peace Junior Kit designed for ages 3 – 12 years old. There’s also a storybook series.