How to make financial literacy fun for kids

by Dideka Njemla

Financial literacy can often be quite a challenge for many people. This is a concept many of us are introduced to in our adults years and yet we still struggle to obtain and achieve our financial goals. As parents, it is your responsibility to teach your children the beauty of financial literacy which will set them up for success.

Teaching them the skill of financial literacy will enable them to grow with the idea of understanding money and making wise financial decisions.

The idea is to have fun with money – make the journey one they will enjoy and not view as a draining and strenuous concept. Some of these ways should include playing some games, role play and so forth, helping them distinguish between necessities and luxuries.

  • Start with a piggy bank 

According to the pro-rich mindset club Think Rich, encouraging your kids to start a piggy bank will teach them the value of money.

This will aid towards them spending and saving wisely. Set little rewards or financial commissions of interest when they have reached the goal of filling their piggy bank. It is also advised that toddlers be brought transparent piggy banks so they can witness their money grow.

  • Open a kiddies bank account

Opening saving accounts and taking trips to the bank will create something for them to look forward to. Allow them to get access to their bank cards when necessary so that they can get a sense of pride and ownership.

  • Have conversations about money 

Think Rich states that money should not be a taboo subject in households. Normalise having money conversations and being open about finances. Think Rich further states that parents should share their expenses and savings with their children. Answer all their questions and allow their curiousity to run wild.

  • Assist your kids with finding ways to earn

Paths that result in people making money are often quite limited. Think Rich advises that parents support kids in finding ways to make money. These can include fun ways such as setting up home-based businesses and charging to complete extra chores at home.

 

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Also see: 5 Common parenting mistakes parents make