As soon as kids leave home, they are faced with major financial obligations that range from creating budgets to making decisions about long-term investments. Many aren’t prepared for the challenges that lie ahead.
A lot of kids are raised in homes in which parents don’t feel comfortable speaking about finances, and financial literacy isn’t often a part of the curriculum of schools. This is why Experian’s study of 2019 found that 76% Gen Z respondents would have liked to have attended a financial education course in school. In 2022, it was found that the Investopedia Financial Literacy Survey discovered that just one out of four Gen Zers is comfortable explaining the market to their friends.
The positive side is that there’s a wealth of excellent financial resources for children online as well as on the shelves of libraries. You simply have to be aware of where to go. Here are a few of the most effective options to teach your child important financial skills that will help them throughout their adulthood.
(Podcast) Million Bazillion
For the young listeners who are curious about the economic system.
What is the story behind how our economy, based on money, started? Why is pizza priced the way it does? What are the reasons you see advertisements while watching TV or browsing YouTube?
“Million Bazillion” is a kids-friendly show created by Greenlight, the financial services firm. It is hosted by two lively and engaging personalities. The podcast focuses on the basics of economics, like why certain products are priced as they are, as well as how advertising works, along with the necessity of spending money. Each episode is filled with questions, trivia, and cameos from celebrities, which makes it entertaining and informative about financial education.
Greenlight. ” Million Bazillion: The Podcast for Kids to Learn About Money.”
The podcast also discusses the real-world application of managing money. For instance, an episode of high schoolers who use Greenlight’s application to save money on a new sports vehicle provides an opportunity for discussion on the advantages and disadvantages of using digital money management. It can also be an opportunity to educate children about advertising and consumerism.
The podcast Money With Mak & G
For children who love simple financial tips, as well as real-life applications.
“Money With Mak & G” provides a humorous approach to financial education. The show is hosted by Ben Jones, a certified public accountant (CPA) and Certified Financial Planner (CFP), along with his twins, who are 15 years old, Makenna and Grant. The show discusses topics such as the basics of what the S&P 500 is, how to budget for a pet, and the long-term impacts of health on finances. Each episode runs for under 10 minutes, which makes it perfect for children with short focus times.
Sure, there are times when the hosts’ humorous exchanges can become a bit funny at times, but the majority of children will leave with important financial management techniques. A father-daughter joke, or two.
Spree Savings (App)
For children younger than between 4 and 10, to understand the fundamentals of managing money.
It is available on Apple devices and on the App Store. Savings Spree is an app that is interactive app created to teach youngsters how important it is to save by investing and giving. Its game-like gameplay involves saving money for short-term purchases, putting money into long-term goals, and the option of donating a portion to charities. Costs $5.99 to download, but it is an educational and fun method for kids to gain knowledge about the value of money.
Earn money, save it, and see it grow with The Everything Kids’ Money Book! (Book)
for children who enjoy reading instead of listening.
Is your child more of a book reader or a podcaster? “The Everything Kids’ Money Book,” written by Brette Sember, is a great method to teach them the basics of economics and to help them be more accountable in their spending.
A great resource for children between the ages of 7 and 12. It covers the fundamentals of money, such as the process of making paper currency and how credit cards function, along with how investing in stocks will help you build wealth. Sember explains complex subjects in a way that connects with readers younger than them and makes financial concepts simple to comprehend.
The book is published through Simon & Schuster, and the printed edition comes with a list price of $9.99. It can also be purchased in audiobook and e-book formats.
Educational Comic Books from the Federal Reserve
For children who love excitement and are interested in studying economics.
The Federal Reserve Bank of New York provides a captivating series of educational comics created to educate children about economic concepts and money, such as buying power and the policy of monetary management. This comic series can be an educational resource for teachers. However, parents can download digital copies and print them for free.
With vibrant illustrations and imaginative plots, these comics feature imagination-inspiring characters, like aliens, to discuss financial concepts in a way that’s easy for children to understand. 6
Banking by Hand (Website)
for older children and young adults who are navigating the real world of financial matters.
The Hands on Banking website, which is run by Wells Fargo, is specifically designed for older children and young adults who want to venture into the world of finance. The website offers no-cost, simple-to-read articles and videos about topics such as comparing offers on student loans, paying taxes, and responsibly using credit cards. This is a fantastic resource to help your children move from high school to college to adulthood.
Juni (Classes Online)
for kids who want to experience practical learning about investing and entrepreneurialism.
If your kids are keen to get practical experience engaging in the market or operating the business of their choice, online courses from Juni may be the solution. These project-based, one-on-one classes offer a simulation environment in which youngsters aged 9-18 are taught the fundamentals of investing in business and developing credit.
Classes cost $68.75 per session, and are billed at $275 per month; however, students can attend their first class at no cost. 8 This is more than the majority of parents want to spend, but a free course will let you know whether it’s worth the cost.
Which Mobile Apps Are Best for Teaching Financial Skills to Children?
There are a myriad of options, with many being excellent. For kids who are young kids, Savings Spree, Unleash the Loot!, and Kids Finance assist children with crucial financial concepts, such as delayed satisfaction. For teenagers, apps like Investmate provide the basics of trading stocks. Also, World of Money, for instance, provides lessons for children of different age categories.
Can Children Learn Money Skills Through Online Courses?
Although it is not solely an educational platform for financial literacy, Juni has project-based courses that teach children about investing as well as entrepreneurship, as well as basic financial management. Other providers of virtual education with financial literacy courses (and cheaper costs) include EVERFI, along with Outschool.
Which Resources Are Best for Developing Financial Literacy in Children?
The most effective resources are based on the age of your child, as well as your objectives and your budget. For kids who are motivated, books like “The Everything Kids’ Money Book” can be a great introduction to many financial subjects. For children who require more interaction online, courses like those from Juni or Outschool and Outschool, could assist. If they’re struggling for time, playing an audio show like “Million Bazillion” or “Money With Mak & G” will expose them to the world of finance, even when you’re driving.
Bottom Line
Financial literacy is a vital life skill, and educating your children about money at an early age can have a profound effect on their financial well-being. With a variety of options available, from podcasts and books to online courses and apps, parents can find a variety of solutions that fit their child’s style of learning and preferences. By helping them develop a strong understanding of financial concepts, you’ll aid your children in building an excellent foundation to manage their finances as adults.
