Books can spark our imaginations, transport us to new worlds, and let us explore other times and other minds and they can also help with financial literacy for kids. Here are some ideas to help kids of all ages learn about money and start developing their financial literacy.
Kids aged 4-6
At this age, many kids will be starting to understand that money – in the form of cards, phones, or notes and coins – can be used to buy things and financial literacy for kids is crucial at this age to set the right foundations, but how these transactions take place may still be a little mysterious.
Money-themed picture books can help to simplify financial concepts in a way that kids can relate to, exploring what money is and where it comes from, spending, budgeting, and saving, and touching on important life skills like delayed gratification, patience, knowing the difference between needs and wants, and setting goals.
Look for Sid and Jan Berenstain’s The Berenstain Bears’ Dollars and Sense and The Berenstain Bears’ Trouble with Money; Cinders McLeod’s 4-book MoneyBunny series, starting with Earn It!; and Sue Graves’ Money Matters series.
Kids 7-12
Once kids start reading for themselves, there is a range of practical activity books that can help them learn about money through games, activities and puzzles – while practising their maths skills too.
David M. Schwartz’s If You Made A Million introduces the concept of interest, while James McKenna, Jeannine Glista and Matt Fontaine’s How To Turn $100 Into $1,000,000 offers financially guidance to 10 to 12 year old’s with an introduction to finance, investing and starting a business, along with true stories of how real people became millionaires. Australia’s own Barefoot Investor, Scott Pape, has Barefoot Kids, with projects, stories, rewards and stickers to get kids earning, saving, investing and giving – many of these books discuss the importance of giving money to charity or other causes.
Teens and Young Adults
Older kids can start learning how to manage money for themselves through pocket money (which they may or may not need to “work” to receive) and part-time jobs. Introduce your kids to the idea of setting savings goals for the things they want, and teach them tricks and tools that make saving easier.
A Stress-Free Guide to Financial Literacy for Teens and Young Adults by Money Mentor Publications is your comprehensive, practical, and friendly companion to mastering money management. Designed to fill the gap left by traditional education, this guide empowers you with the skills needed to navigate the adult world with confidence
Teaching your children how to manage money will help them to set and achieve goals and live the life they want – even if they don’t make it as a 12-year-old millionaire. If you’re interested in exploring further ways you can support your family’s future financial needs, I can help with advice on insurance, investments and more.
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https://www.rpwealthmanagement.com.au/helping-your-children-become-financially-literate/
The information in this website and the links has been prepared for general information purposes only by our office and does not take into account your personal objectives, financial situation or needs. It is not intended to provide commercial, financial, investment, accounting, tax, personal or legal advice. You should, before you make any decision regarding any information, strategies, or products mentioned on this website, consult a professional financial advisor to consider whether it is suitable and appropriate for you and your personal needs and circumstances.
