Despite 94% of parents believing saving money for their child’s future is important, a surprising 13% have never discussed money with their children.
However, with many parents having to home school their children in the current situation, thinkmoney has created helpful ways to teach kids of all ages financial literacy.
What’s more, you can do all of the below without the need to buy anything or leave the home https://www.thinkmoney.co.uk/news-advice/activities-to-teach-kids-about-money-0-8723-0.htm
1. Create a Makeshift Piggy Bank
- Introduce them to the idea of looking after money by getting them to make their own piggy bank.
- Wash out any clear container with a lid, and let your youngster run wild decorating it.
- Once finished, ask them to put loose change into it. Start them off with a couple of coppers and tell them they can only spend the money once the piggy bank is full.
- This could also be used as a reward system; when they’ve been good, more coins go in and they get closer to buying a toy. As they get older, you can build on this idea by paying them for chores.
2. Turn Your Living Room Into a Shop
- Take some household items and place price tags on them before giving your child some coins to spend.
- When they ‘shop’, ask them easy mathematical questions that make them consider their purchase choices. For example, “If that costs 5p and this is 2p, how much have you spent so far?”
- To help them understand the process, you can swap roles and let them have a go at being the cashier. This will help them practice adding up.
3. Teach Them About the Link Between Work and Play
- For those old enough to complete chores, create a job chart. Place a financial value on each job. For example, emptying the dishwasher is worth 50p.
- Once they’ve completed a chore, they get to mark it on the chart.
- At the end of the week, you add up the total to see how much they’ve earned.
4. Play Money-Based Board Games
- Games are a simple way of teaching children the basics of looking after your cash and accepting the costs of money mistakes. A monopoly is perfect for this.
- If you can’t persuade them to play a board game, popular online games, such as Minecraft can teach children about being responsible with money – holding accountability for the consequences of impulsive buying.
Finally, these ways to teach kids financial literacy makes your job as a parent easier. It’s also your responsibility to coach your children about life.
Why not give them a head start? They’re bound to like you a lot more for taking the time to pass on some wisdom. Here are some ways you can help your child live their best life.
