Best Way To Teach Financial Literacy To Children – According To Experts

Many parents believe that financial literacy and money management skills should be part of the school’s curriculum, but many believe that their child does not receive adequate financial education in school. We asked experts on how to best teach children financial literacy, and this is their response.

Financial Literacy Apps

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Parents can find many financial literacy apps for children online. Most of them are free to use, with a premium option for extra features. Examples include World of Money, Famzoo, and RoosterMoney. Children can have virtual piggy banks, track savings, and schedule chores. Most importantly, these apps are equipped with helpful video tutorials, teaching young people financial topics, including budgeting, saving, and investing. Instead of the usual game and social media apps, encourage your children to learn more about finances by downloading these apps. That way, they have a reliable tool to help them become more responsible and establish smart money habits.

Simon Bacher, Creators of the Ling App.

Practical Experiences

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The best way to teach financial responsibility is through practical experiences. Give children a small allowance and guide them in dividing it for spending, saving, and sharing. Our family started a “saving jar” for a particular toy. They learn patience and goal-setting as they contribute and watch their money grow, fostering a healthy financial mindset.

Onur Kutlubay, Founder of YouParcel

Leading By Example

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The best ways to introduce financial responsibility to children include leading by example, giving allowances, encouraging saving and charitable giving, opening bank accounts, and involving kids in household budgeting and shopping decisions. Hands-on experience with real money helps reinforce money management lessons.

Rikin Shah, CEO of GetSure


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An effective way to engage young people in financial education is through gamification – a great example of this is Visa’s Financial Football, a fast-paced, interactive video game that helps teach financial concepts or all ages. By making what can seem a dull subject more exciting through games can help emphasize the importance of financial education in both a fun and informational way.

Worku Gachou, Visa’s Head of North America Inclusive Impact & Sustainability

Gifting Stocks

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One idea that people overlook is the idea of gifting stocks for birthdays and celebrations rather than toys that cause clutter. This introduces the concept of investing to your child from a young age which can help make them feel more comfortable about investing. One of the biggest hurdles for adults to start investing is fear of the unknown. When you eliminate that, you open a world of financial possibilities. It doesn’t have to be complicated — choose a stock of a company your child genuinely likes or something they consume like Disney or McDonalds. Then check in on the investments periodically showing your child what he or she should look out for. You can open a custodial account using eTrade or another online brokerage service.

Andrea Woroch, Money-Saving Expert

Gift Cards

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You can also buy them gift cards to Stockpile which allows you to buy fractional shares of big ticket stocks they may be more excited about like Amazon or Disney. This can be an ongoing gift you give for birthdays and celebrations to get your child excited to continue investing.

Andrea Woroch, Money-Saving Expert

Keep It Positive

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Keep it positive and keep it entertaining, but don’t be afraid to tell your kids the hard truths and realities of finances. They can handle it; they’re smarter than you think.

Bob Weinschenk, Co-creator of FreeKick

Don’t Overcomplicate

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Don’t overcomplicate the discussion. If your child doesn’t have any idea about credit scores, then don’t bother getting into credit card utilization at first. And if they don’t have a clue about stocks, don’t waste everyone’s time by jumping into a tutorial on P/E ratios.

Bob Weinschenk, Co-creator of FreeKick

Explain Purchases

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The “Talk” can be about the impact of buying, selling and saving, whether it’s deciding what groceries to buy or considering the value of a (overpriced) hot dog at the stadium. Let them know why you chose to buy one item over another and explain how and why you waited to purchase something for the family.

Bob Weinschenk, Co-creator of FreeKick

Start With An Allowance

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Other sound advice is to start with an allowance that has clearly understood parameters. Is it tied to chores or behavior? Will it serve as their sole source of revenue for their social or leisure-time activities, or is to be used for future savings? Clearly defining how it’s “earned” and what it covers will help kids with spending and budgeting decisions.

Bob Weinschenk, Co-creator of FreeKick

15 Values You Need To Teach Your Young Child

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As a parent, one of your most important roles is to teach your child values that will help them grow into kind, responsible, and compassionate adults. While there are many values that are important to teach, some are particularly crucial in the early years. Here are some values you need to teach your young child.

15 Values You Need To Teach Your Young Child

8 Ways To Teach Diversity To Your Children

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In an increasingly diverse world, it’s more important than ever to teach our children about diversity and inclusion. By teaching children about different cultures, races, religions, and ways of life, we can help them develop empathy, understanding, and respect for others. Here are some ways to teach diversity to your children:

8 Ways To Teach Diversity To Your Children

These 8 Tips Will Ensure Your Kids Don’t Become Annoying Human Beings

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A woman wonders how to raise children that are not obnoxious, and the responses are insightful.

These Tips Will Make Sure Your Kids Don’t Turn Into Annoying Human Beings

10 Parenting Tips from the 90’s That Are Now Considered Taboo

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The 90s were a time of great change in the world of parenting. Many of the parenting tips and techniques that were popular at the time are no longer followed by new parents today. Here are 10 parenting tips from the 90s that new parents no longer follow.

10 Parenting Tips from the 90’s That Are Now Considered Taboo

10 Absurd Unsolicited Parenting Advice That No One Listens To

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Have you ever given any of these advice? If you habitually give these advice to new parents, stop. No one’s listening to them.

10 Most Absurd Unsolicited Parenting Advice That No One Listens To

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