Money management is one of the most important life lessons that we can teach our children. Yet oftentimes, money and finances are hard to discuss with kids because we may not always feel confident in our own financial situation. But look at it this way; would you send your kids out to drive without having practiced and passed their drivers test? No, because it just doesn’t make sense. The same goes for personal finances, the sooner you begin to teach your children about money the better off financially they will be as adults.
According to “T. Rowe Price Parents, Kids Money Survey”:, only 42% of parents frequently discuss the importance of spending and saving wisely. In the same survey, only 25% of parents teach their children about budgeting, and only 22% discuss setting financial goals. You may be part of the 77% of parents that wish there were more resources available to help teach their kids about financial matters. Learning about owning your own business, saving money, and budgeting can be fun and entertaining!
One great example of this is Biz Kid$. Biz Kid$ is an edu-tainment TV series that allows kids to learn from young entrepreneurs, their own age, about how to be successful financially. This Emmy Award-winning, credit union funded financial literacy program is produced by the same people as Bill Nye the Science Guy. What Bill Nye did to teach kids about science, Biz Kid$ does to teach kids about managing their money.
BizKids.com also has lots of FREE resources to help you teach these important topics, including an interactive blog for kids, lesson plans for teachers, fun episode activities, financial games, episodes in Spanish, and more.
Another way to make learning about money fun is creating a savings challenge. Tell your kids that at the end of each month, whoever saves the most money will get a special treat as a reward for their hard work. This will help develop positive associations with saving, and will hopefully create long-lasting saving habits.
You can also talk to your children about setting money goals. What are they saving their money for? Do they know how much it will cost, and how long it will take them to save that amount? Having these conversations will encourage children to think about saving in a mindful way, and can also be an opportunity to encourage them to think about additional ways they can make money by helping neighbors, walking dogs, setting up a lemonade stand, etc.
Teaching kids about money doesn’t have to be a chore – for them or for you. Make learning engaging, hands-on, and fun and you can help pave their path to a successful financial future.
Vantage offers a Secret Savers Club for kids ages 0 to 10 that not only teaches the importance of saving money but members get cool stuff like a Secret Savers Spy Kit, invitations to special club events and savings challenges.