Financial Games for Children

 

By Michelle Bester CFP®

 

Creating a strong financial future starts with learning the basics of budgeting and money management at a young age. When young people understand how to manage money, they are equipped with a skill that is key to making their dreams a reality.

Financial literacy games are a fantastic way to introduce children to the concepts of earning, saving, and spending money in a fun and engaging way.

 

Best Financial Literacy Games for Kids

Whether by playing video games or board games, your child can learn how to budget, save, and make informed financial decisions. That’s why we’re introducing board, video, and mobile games so that you have plenty of options to choose from.

 

1.  Monopoly:

Monopoly is a popular board and card game in which players compete to acquire wealth by buying, developing, and trading property while avoiding obstacles such as taxes and jail time. It’s based on the concept of real estate, and the game’s goal is to become the wealthiest player by acquiring the most properties and money. Monopoly is often seen as a fun budgeting game as it provides them with an understanding of how taxes, loans, and investments work in the real world. It also teaches them the importance of budgeting, investing, and saving money.

 

2.  Cashflow:

The Cashflow board game is a unique and engaging money management game. The game consists of players purchasing assets, such as rental properties, businesses, and shares, while also managing their debts, liabilities, and expenses. Through this process, children learn how to make wise investments, understand interest rates, and develop financial strategies that can help them reach their financial goals.

3.  Animal Crossing:

Animal Crossing is a life simulation video game series developed and published by Nintendo. It features a cast of humanlike animal characters living in a village environment, which the player guides and interacts with. Animal Crossing teaches children the basics of financial literacy by allowing them to buy and sell items, such as furniture, clothing, and tools, to decorate their homes and customize their characters.

4.  Visa Financial Football:

Financial Football is a mobile game that Visa and the NFL developed to teach children in grades 3-5 financial literacy skills. Players compete in a football game by answering multiple-choice questions about personal finance. The game also features additional levels that are tailored to specific age groups. Financial Football helps children learn about budgeting, saving, investing, credit, and identity theft prevention.

Conclusion

Playing financial games is an effective way to teach children financial literacy and help them develop skills such as budgeting, money management, and decision-making. For parents who are looking for financial games for their children, it’s essential to research the game, make sure it’s age-appropriate, and explain the rules clearly. Additionally, it’s necessary to make the game fun and engaging and to use it as an opportunity to talk to children about the value of money and financial literacy. With the right financial game, parents can help their children become more financially responsible and secure in the future.

 

Read more about Ascor® Financial Planning Services

 

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