Teaching Kids the Financial Facts of Life (continued)

5. Make learning about money fun and interesting. We’ve already mentioned a few ways to stimulate a child’s interests in saving, spending wisely and sharing money with others. Here are some more possibilities:

• Visit creative Internet sites (including the FDIC’s “Learning Bank”) that teach kids about money and advise parents on how to raise financially responsible kids. Also, several computer and Internet games let kids play and learn at the same time, such as by investing a hypothetical sum of money and monitoring the performance, even in competition with other children.
• Support programs in your community that help kids learn about money and business, either in school, on field trips to local banks and businesses, or through organizations that encourage kids to develop and market their own business ideas. Some schools and financial institutions even have special savings programs just for kids.
• Bring home fun and informative books, brochures and other materials available from local libraries, financial institutions and organizations such as those listed below. Consider buying or borrowing magazines for kids that feature stories about managing money.

Final Thoughts

One of the best things we can do for our children is to prepare them for life “on their own.” Whether your kids are tots or teens, instill in them a sense of responsibility when it comes to managing money, working hard and being charitable. The time you devote to teaching the financial facts of life could be one of the most rewarding investments you ever make. 

Further Resources:

Ages and Stages of Money Management

Parental Advice: Readers’ Tips for Teaching Kids the Value of a Dollar

Sources of Smart Money Ideas for Kids

A Look at the FDIC’s New Internet Site for Kids, Teachers and Parents