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Resources for Teaching Personal Finance to Your Kids: Adopting Positive Financial Habits

Jul 25, 2022

Teaching Personal Finance to Your KidsSummer is flying by, and it won't be long until kids are back in the classroom. Come fall, most will be busy learning all sorts of new material in school, but there is one subject that is arguably the most important for parents and guardians to focus on at home: personal finance. As your kids grow, it's important to weave money lessons into day-to-day life. In order to better prepare today's youth to make better financial decisions in the future, use these helpful resources.

Apps

Nowadays there are mobile apps for just about everything, and apps that teach your kids about money are no exception. For parents that are looking to turn your child's screen time into an opportunity for enrichment, consider these apps, all of which are free to download: 

  • Bankaroo: A virtual piggy bank where kids can learn how to budget, save, and spend responsibly. The app initially started as a family project, and is designed for kids aged 5 to 13 years old to help teachers, parents, and children become 'money smart.'
  • Chores and Allowance Bot: An app designed to keep track of your family's chores, allowances, and savings goals. It serves as a great introduction for children six and up to the importance of saving, spending, and earning money through good behavior. The app allows parents and guardians to set up daily, weekly, or monthly allowances for each child. You can also assign chores in the app, along with a reward for a completed chore. This app is a simple and versatile tool that helps parents show younger children the value of a dollar.
  • AdVenture Capitalist: A fun and interactive game that provides kids with a basic knowledge of business and investing. In the game, players begin with a lemonade stand and from there, kids can grow their business into a multi-million-dollar corporation. While kids are growing their businesses in the game, they can learn how to hire managers to help delegate responsibilities. This is an excellent game for kids who already have a base knowledge of finances, so it's likely best for kids in middle school and older. The app is free to download and play, but there are in-game purchases that can be made to enhance the user's experience.

Podcasts

Much like there are apps for everything nowadays, there is also a podcast for every topic. There are a number of money-focused podcasts that are easily digestible for kids. It's something you can throw on in the car on the way to school, or on the way to practice, giving your kids bite-size financial nuggets that they'll be able to use going forward.

  • Million Bazillion:  A podcast described as "a godsend for anyone who knows a little kid with big questions about money" by The New York Times. This podcast breaks down topics from the stock market and the history of banks to how money is made, inspiring families to talk about money. The hosts also take time to answer questions from real kids. This podcast works for children of all ages as it touches on all the most essential foundations of financial education that everyone should have a base knowledge of.
  • Money with Mak and G: Hosted by 11-year-old twins; however, their dad chimes in for the last couple of minutes of each episode to provide the parent perspective. All the episodes are prompt, often 10 minutes or less, giving your kids information they need in a concise time from relatable voices. This podcast is ideal for children 9-13 years old, as they dive into topics kids of that age range should know.
  • The Art of Allowance: Hosted by author John Lanza, who has written a number of books that teach your kids about money. The episodes feature discussions with other parents about how to talk to your children about a number of different financial topics. John also interviews a number of youth money experts to discuss tools and tactics parents can use to help raise financially literate children.

Digital Resources

The Council for Economic Education, a nonprofit that teaches K-12 students about economics and personal finance, has a number of helpful financial education materials, but its Family-at-Home Financial Fun Pack truly stands out. The free downloadable pack includes a curated set of financial education materials featuring family activities, games, worksheets, and book suggestions for your child to learn from. There are different sets based on your child's age, all designed to give your kids a fun time while they acquire the tools needed to live a life of opportunity.

The FINRA Investor Education Foundation created a helpful game, "Con 'Em If You Can." The game is best suited for middle and high school aged students. Players take over as a novice scammer who learns tips and tricks from a master con artist on how to manipulate their mark. The game gives kids the tools they need to be able to spot a scam so they are not as easily swindled when managing their own finances.

Programs

There's no wiser investment than early financial education, and PFCU can help your child with that as soon as you'd like to begin. For children 12 and under, PFCU has the Moola Moola Kids Club. Moola Moola is a magical monster from the make-believe land of Lotta Loot and he helps teach our youngest members the value of saving. If a $50 balance is maintained in the account club members receive the Moola Moola quarterly newsletter and dividends.

For children between the ages of 13 and 17, you can take learning to the next level with PFCU's CU Succeed® Program. This program offers members' kids special checking, savings, check cards, and other services just for this age group. Middle school and high school-aged kids can learn about money and how to establish and maintain great credit while receiving experience with their finances. You can learn more about the program and how to sign your child up here.

For busy parents, it can be daunting figuring out where and when to start teaching your kids about personal finance. However, there are now a number of resources available to parents to help maximize teachable money moments. As your kids' first teachers, introducing these resources will help your kids create positive financial habits they will adopt well into adulthood.

Erin Ellis

Erin Ellis
Accredited Financial Counselor ®
Philadelphia Federal Credit Union
eellis@PFCU.COM
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