Teaching children financial skills from an early age is important. But, rather than turning it into a serious conversation that involves pie charts and daunting percentages, it’s important to start off easy, picking apart important facts about finances and breaking them up into smaller chunks. The best way to do this, of course, is by doing it as a family and turning an important lesson into a great game.
Here are some apps and online services that can help:
But setting goals for saving is just as important as learning how to apportion money to certain things. That’s where Savings Spree comes in. Teaching kids the difference between spending, saving, donating and investing, Savings Spree turns learning money skills into fun. Your children can set goals and learn all about the day-to-day finance choices adults have to make too.
Snoopy’s Street Fair is another game-focused app that seeks to inspire budding entrepreneurs. Using the famous Charlie Brown characters, Snoopy’s Street Fair teaches children about setting up a business and coming up with great, strategic ways to make money.
Getting kids excited about the stock market seems a little farfetched but it’s not really. This nifty guide from Investopedia shows us how to turn stock market trading into something easily understood by a kid and gives great guidelines on how to let them explore the potential of stock market trading.
A recently launched service, ifiii (If I Invested In) is one such service that can show children how investments work. Developed by South Africa digital marketing agency, iMod Digital, ifiii simply shows you what sort of return you could have made had you have invested in a unit trust or exchange traded fund, when you start with a deposit and commit to a monthly contribution. It uses historical information from the various fund managers and quickly outputs expected results. It’s kinda fun to fiddle around with different amounts and percentages so try it out!