Start Them Early
When is the best time to teach your kids about money? This is the question that parents that are concerned for the financial well- being of their children have. Well, it’s never too late to teach your kids about money. However, a study by behavioral experts David Whitebread and Sue Bingham of the University of Cambridge found that children develop money habits — including the ability to plan ahead and to delay gratification by the time they are 7 years old.
Does that mean it’s too late for your 12 year old to learn financial literacy? Will they be subject to a life of debt, horrible financial outcomes and poverty?
Guy Stone, former Head of Consumer & Market Insight for the UK government backed Money Advice Service , which published the study said ,
” The window is 0 to 7. It’s very hard to reverse those habits later on in life.”Guy Stone, former Head of Consumer & Market Insight for the UK government backed Money Advice Service
So to answer your questions…. Helping your child to change bad money habits may be difficult after age 7, but it’s POSSIBLE!
If you have an older child and you are beginning to teach your kids about money , just expect that the task may be harder because you are re-shaping a mindset and habits that have already been shaped. But, remember…it’s possible! With a little time and help from the products I’m going to share with you later in this article, you can begin to steer them to a brighter financial future.
Equip Them For The Future
Money is is an important part of how we live and function in society. Whether you feel like money is of high importance or not, the fact of the matter is we cannot live a decent life without making some kind of transaction almost daily. Therefore, equipping your child with the knowledge of how money works and the value of money will help them to live a better quality of life.
Your toddler will not grasp the concept of investing. However, your six year old may. I was speaking to my oldest son, who just turned 6 last week about investing the $6 he got for his birthday. He got the idea of what it meant to invest his money. He concluded investing was like using a multiplier machine to multiply himself (an idea he got from PJ Mask), but instead he would multiply his money.
As your child grows, they will understand more advance concepts and strategies as it relates to money. Therefore, I have listed products that can teach them at every stage of their childhood and beyond. Here are 10 of the best educational products I’ve found to teach your kids about money in a fun and interactive way! I have included the age range to help you determine the perfect match for your child.
Ages 6 – 36 Months
This Smart Stages Piggy Bank is the best first toy to introduce your baby or toddler to idea of money. It teaches them how to count in english and spanish every time they put a coin into the slot. In addition, they learn the idea of saving as they make deposits into their piggy bank.
The Play Money Kids Kit is great for bill and coin recognition because the money looks so real! It also comes with a debit and credit card that you can now use to teach on real world scenarios. Kids who know how to use a credit card properly will be less likely to rack up unnecessary debt in the future.
The Play Money Wallet Set is also a great way to learn about bill and coin recognition and how to use a credit card. The wallet gives way for creativity and fun because a child can now mimic their parents as they learn how money and credit cards are used to purchase things. You can pair this product with the Electronic Teaching Cash Register for great playtime vibes.
Ages 4 & Up
As your toddler grows they begins to understand the importance of SAVING, SPENDING and DONATING. The Money Savvy Pig will help them to also understand the importance of INVESTING. Once they fill up each chamber they are ready to begin using their money for each purpose. This will teach them proper MONEY MANAGEMENT skills, planning ahead and delayed gratification. This updated piggy bank will help your child to navigate the financial system by fostering the skills needed for a bright financial future.
The Teaching Cash Register is an interactive way for you to help your kids learn the different bills and the value of each bill. Pretending to buy things from your cash register (toddler) or vise versa can help them to add, subtract, and exchange money. You can pair this product with the Play Money Wallet Set for more fun and creativity!
Money Bags teach children money skills; how to count and exchange money. These are great skills for kids to learn because we do them all the time when we are buy or sell things. This game is a fun way to help them learn these fundamental money skills.
The Money Ninja book explores the different things your child can do with their money; Spending, Saving, Donating and Investing. It also gives your children ideas on how they can earn money. Most financial literacy books for kids don’t cover investing, but this one does! Financially savvy people understand the importance of these 4 financial concepts… and so will your child with the help of this book.
The Allowance Game is perfect for kids to understand being compensated for work. I am not the mom that feels like children should be paid for chores they should be doing anyway, like making their bed. The tasks on the game are not everyday chores, like walking the neighbor’s dog or babysitting. This way your children will understand the difference between what is considered work they should be paid for and work they should not be paid for. They will learn how to earn, spend, save, donate and invest in a business, while simultaneously learning responsibility.
We all know the famous Monopoly Board Game. Well, Monopoly Deal is a spin on it and you can play it in less time. This game will help your chid with their critical thinking skills. They will have to come up with a game plan to create cashflow and win the game. This is a fun way to teach your child real world financial lessons and wisdom that will help them tremendously in the future. This game is great for adults as well.
The Cashflow Board Game is great for kids and adults. My kids are too young for this board game at this time, but I look forward to playing it with them in the future. Until then, I enjoy getting together with friends on game night to play! If you have a pre-teen or teenager, this would be a fun way to teach them about how money works, investing and how they can get out of the rat race or avoid being a part of it altogether. They will also have to use critical thinking skills and planning to invest wisely and win the game.
Teaching your kids about money doesn’t have to be boring. These products are great for turning the lesson into a exciting playdate or game night. Even you as a parent can learn a few things! Financial education is important for us all. Start them early and equip them for a prosperous financial future.