Before moving to the topic on the top 7 websites to teach kids financial literacy, let’s do a small exercise:
List down the top concerns in your life right now. Take a moment to do this, and once you’re done, read ahead.
I bet that among your top concerns, just like most adults, you’d most likely have money, financial obligations, job security on your list.
Correct?
Money is a persistent concern for most adults. We know that money plays a critical role in our lives and financial instabilities can hit our lives badly. As parents and elders in the family, it only behooves upon us then to prepare our children for their future, make sure they are financially as strong as possible.
While school will take care of our children’s future career aspirations, we must ensure we introduce our children to financial literacy early and teach them money management skills early. This will enable them to become financially smart adults with the right financial attitude, so money isn’t one of their future concerns.
How early should they start though?
We’ll get there. But first, let’s start with the basics.
Table of Contents
ToggleWhat is Financial Literacy?
Financial literacy is the appreciation of money, and that of the significant role it plays in our lives. It’s about learning how to be efficient as we go about money – how to save it, grow it and manage it through various means while being aware of the inherent risks, so as to better the quality of our lives and that of our families.
You could say that the above is almost a text-bookish definition of financial literacy. So if I were to say it straight, I’d simply say we need money all the time. Realizing this young, learning to deal with it and grow it is financial literacy 😉
Why is Financial Literacy Important for Kids
Well for the simple reason that money is a need that simply cannot be ignored. The need for money is as critical as other basic needs of life: Food – Water – Shelter. And Money. Period.
The problem is no one teaches us our children about money. We assume that once their careers take off, they will automatically learn about managing money and gain financial smartness. Well, that doesn’t really happen, does it? Career, we already know, isn’t the end all to our financial problems. Financial acumen and application is!
Money often becomes a source of bondage and stress. We are bonded to jobs we don’t like; we do the things we would rather not do just because we want money. So, if money is taken care of and out of the equation, our kids can be financially independent and really do what they’d rather like to do.
They will live their life, that is!
How to Teach Financial Literacy to Kids
Let’s be honest to ourselves here. This is not an easy task. Finance is not really an exciting topic for most kids. It’s not like they are playing video games. Neither it is for most parents, unfortunately.
The amount of information in today’s world is astounding. There are countless videos on YouTube and Instagram with financial influencers giving their gyaan on simple and complex financial topics.
Parents should instead evaluate their kids for their comprehension levels and share life-based practical examples that give them a sense of finance. For example, when you go shopping with your little one, find instances where you can sensitize them to practical financial decisions you’re taking while buying stuff. Make them see and appreciate your rationale. This will stay with them forever and create a base for them to build upon as years go by. Kids learn by watching and imitating the adults in their lives. Set a good example by practicing good financial habits yourself and speaking about it!
Encourage kids to ask questions about money and personal finance. This can help them learn more about the topic and develop a deeper understanding of financial concepts.
When to Start Teaching Financial Literacy to Kids
The earlier children start learning financial concepts, the earlier they develop smartness around money. The law of compounding kicks in early enough and the financial wisdom and wealth gets built over the years. By the time they are in college, they are already on their way to creating wealth.
Many articles on the web advice parents to start teaching concepts of spending, earning, budgeting, investing etc. to kids as young as kindergarten, or very young. In fact some experts recommend starting around the age of 5 or 6, when children are old enough to understand basic money concepts and are starting to develop habits and attitudes around money.
But is it really the right age for kids to learn finance?
Consider a few facts:
- Is a train leaving the station?
- Is your child in a rat race?
We’ve seen small kids taking a dislike to finance if it’s taught too early to them!
Take financial literacy easy, take it slow, make it enjoyable and practical. Let your kid develop some understanding of money, some practical experience – doing grocery shopping, for instance. Teaching it to the very young when they haven’t even gained an appreciation of money may ruin their interest in the subject itself; just another subject they need to get through!
So while we propose getting the kids started early, there’s this caveat: being too early may not be right. Just start getting them practically exposed to basic financial situations. You’ll know when the time’s right to enroll them in a program. Or once they are 10 or 11 years old (or even younger, you’ll know), it’s about time to start.
Top 7 Websites to Teach Kids about Finance & Money
When you decide to enroll your child in a financial literacy program, you can refer this article for top 7 sites to learn financial literacy. We review and update this article once a month, so you can be assured that you’ll always know of the current best sites to learn financial literacy.
There are numerous online websites and programs that can make teaching finance to kids a breeze and enjoyable for both parents and children. We’ve dug deeper and come up with a list of top 7 websites that teach kids about finance and money.
1. Money as You Grow
Money as You Grow is an official website of the United States government, developed by the Consumer Financial Protection Bureau (CFPB). The site provides parents and caregivers with 20 essential money concepts to teach children as they grow. The website is designed to help parents identify age-appropriate activities that they can use to teach their children about money.
Money as You Grow is also a great resource for parents who are looking for tips and activities that can help their children develop financial literacy. There are money ideas to talk about with your child, reading resources to read along with your child, monsters story books for young kids and money goal setting activities for young adults, among many other resources for online financial literacy learning.
Age group: 3-18 years old
Suitable for: parents who want a comprehensive and structured approach to teaching their children about money management.
2. The Mint
The Mint is a website created by the Northwestern Mutual Foundation to teach kids about financial literacy. It offers a variety of resources and tools to help kids learn about money management, including articles, calculators, games, and videos. The website is designed to be both educational and engaging, with fun graphics and interactive features that make learning about personal finance more enjoyable.
One of The Mint’s most popular features is its Money Club, which is an online community where kids can learn and share information about money management. Kids can create their own profiles, set financial goals, and interact with other members of the community. The Mint also offers a free mobile app for both iOS and Android devices, which includes games, calculators, and other tools to help kids learn about personal finance on the go.
Age group: The Mint is suitable for kids aged 8-17.
Suitable for: parents who want to teach financial literacy and set financial goals with their children and track their progress together.
3. Finkeyz
Finkeyz teaches its financial literacy program – FinSmart – to students via live, online classes as a part of its NURTURE programs. The program emphasizes upon live interactive conversations over video-based, one-way sessions. The conversations help students think aloud and brainstorm with the teacher on various financial concepts.
A strong emphasis is also placed on home-based practical financial projects that gives children a practical exposure to finance right at home, so they develop the right money habits & wisdom early.
Their curriculum is well-researched and derives from financial literacy curriculums around the world. The platform also incorporates games, quizzes and activities that connects with other school subjects such as language, mathematics, history, geography and economics. Moreover, FinSmart projects ensure that students recover their fees in the financial literacy program within the first few months of enrollment.
Age group: Finkeyz financial literacy program is best suitable for kids aged 9 years old and up.
Suitable for: If you’re a parent who wants your child to develop conceptual clarity & practicality around money, and for parents who want their kids to learn finance via live classes with practical financial discussions, brainstorming and projects.
For adults who wish to take a financial literacy program themselves, Finkeyz conducts its popular Step Up financial literacy program for adults.
4. FamZoo
FamZoo is a virtual family bank that aims to help kids learn about personal finance through hands-on experience. It offers prepaid debit cards for kids and parents to use together, with features like allowance management, savings goals, and spending controls. Parents can monitor their children’s spending habits and teach them about budgeting by setting up automatic transfers and categorizing spending into different buckets.
FamZoo’s website also offers a range of tools and resources for parents and educators to help teach financial literacy to kids. They have a blog with articles about money management, a library of printable worksheets and games, and even lesson plans for teachers to use in the classroom. FamZoo’s focus on real-world experience and practical tools make it a great option for families looking to teach kids about personal finance.
Age group: FamZoo is suitable for kids aged 6 and up.
Suitable for: If you’re a parent who’s primarily looking for having a payment card for kids and paying kids for chores.
But wait, should we really pay kids for chores? What do you think?
5. The Council for Economic Education
The Council for Economic Education is a nonprofit organization that provides resources and support for K-12 educators to teach economics and personal finance. The website offers a variety of lesson plans, games, and activities that can be used in the classroom or at home. The Council for Economic Education also provides professional development opportunities for educators to improve their financial literacy teaching skills.
Age group: K-12
Suitable for: If you want to teach economics and personal finance to your children. Also for K-12 educators wishing to teach thier students.
6. Practical Money Skills for Life
Practical Money Skills for Life is a website developed by Visa that offers free resources and tools to help individuals and families make informed financial decisions. The website provides a variety of resources for parents and teachers, including lesson plans, activities, and games that teach financial literacy. Practical Money Skills for Life also offers financial calculators, budgeting tools, and resources for adults who want to improve their financial literacy.
Age group: 5-18 years old
Suitable for: If you’re a parent who believes in teaching your kids finance all by yourself, this is the site you must head to.
7. BizKids
BizKids is a website that provides resources and tools to help kids learn about money management and entrepreneurship. The website offers videos, games, and activities that teach kids about saving, budgeting, and investing. BizKids also provides resources for parents and educators who want to teach financial literacy.
Age group: 9-16 years old
Suitable for: If you’re a parent who want your child to learn about money management and entrepreneurship through engaging resources and activities.
Making Finance Fun for Your Child
- Daily activities & games: One of the best ways to make financial literacy fun for kids is to incorporate it into everyday activities and games. For example, you can play “store” with your child and use pretend money to practice counting and making change. Or, you can use a savings jar and encourage your child to save up for a special toy or treat.
- Being transparent about family finances: Children may not understand why they can’t have everything they want, and may be more likely to develop bad spending habits if they feel like money is a taboo topic. If children have an appreciation of family finances, and have enough opportunities to practice managing money on their own, they will start appreciating the concept of money and have fun while managing it.
- Budgeting & decision making: One way to helping your child understand the value of money and have fun while at it is to involve them in family budgeting and decision-making. You can also encourage them to earn their own money through chores or a part-time job, so they can see firsthand how much work goes into earning a dollar. Finally, you can teach your child to compare prices and shop around for the best deals, so they learn to appreciate the value of a dollar.
- Visit to a Bank: Take your child to a bank. Show how a bank looks like and how banking is done. Guide your child to open a child account, and initiate them to start a small deposit account. Encourage them to put their little savings into this account, and help them watch their money grow.
- Explain the principle of Compounding: You can talk to your child about the concept of saving for the future, and explain how saving money consistently and diligently can soon build up into a significant source of wealth. Explain how compounding works and show them how the principle of compounding kicks in in all the little things that we do.
Conclusion
Teaching children about financial literacy is essential and imperative for their future success. There are many reasons why financial literacy is not taken seriously by parents, but we are seeing more and more parents enrolling their children at finkeyz for their financially smarter future.
By using the right resources and tools, parents and educators can make learning about personal finance more enjoyable and engaging. The seven websites listed above are great options for families looking to teach kids about money management.
So, all the best!