Online Resources to Teach Your Kids About Money
A survey released in April shows that only 48.3 percent of high school seniors could answer basic questions about personal finance. They can’t balance a checkbook or put together a personal budget.
Does this sound like your kids? If so, here are some places on the web that can help.
Start with this Reality Check Quiz. The quiz asks kids to look at what they want out of life, for example a new car, and tells them how much such a lifestyle will cost and how much they’ll need to earn to maintain that lifestyle. It’s a real eye opener. The Money Smarts Quiz determines whether your kid is a saver or a spender.
MoneyInstructor.com offers educational lessons for children from K-12. There are lessons on counting money and money math for the younger set and progressively harder lessons on spending and earning and saving an investing for the older kids.
Money 101 from CNN lists the things your kids should know about money and tells you the most effective methods for raising a money savvy kid. And, if you’re not too sure of some of the basics yourself, the site provides a slew of lessons for adults, too.
A Safer Child delivers a list of links to sites with basic money information and tells you the basic lessons you should teach your kids about money.
Planet Orange tackles topics that range from the value of money, to setting a budget, understanding credit, and building savings goals for the future. Using an interactive map along with the help of guides, Amy and Cedric, the site takes kids to Moneyland, South Spending, the Republic of Savings, and Investor Islands, teaching them about personal finance along the way.
Cyberchase from PBS tackles money through a series of games. Kids get a certain amount of money and they have to spend it wisely to achieve their goal.
Leonade Stand is a game about owning your own business. Kids have 30 days to set up their stand and make money. They must keep track of the cost per glass of lemonade as well as expenses such as advertising.
Moneyopolis is another game. Players have to help Xerbie rebuild his spaceship, which has fallen apart in Moneyopolis. Each building in the virtual town tackles a different aspect of money. Players get a new part for the space ship for each section they successfully finish.
Interest Ray teaches kids about interest. His pal Checks teaches kids about checking accounts.
Mad Money gives players 30 days to save up enough money to buy something special. They’re given a $15 allowance each week, a shopping list for necessary purchases and opportunities to ear more money.
Invest it introduces teens investing with lessons on the stock market, mutual funds and market performance along with puzzles and games. There’s a section for parents and teachers, too.
Bank Jr teaches kids about money basics, money math, money in your life, money in your world, nation, and community, and business with sections for younger kids and for grades 6 and over. Get the information you want by choosing Elementary or Grades 6+. Quizzes, a savings wizard and a glossary are also part of the site.
Hands on Banking has modules for kids, teens, young adults and adults. Within each module there are several topics, such as school and money, work and money, you and money. Games and a library are included.
Savings Quest is another game in which kids pick a job, complete assignments for paychecks, pay monthly bills, set up a budget and save for a rainy day.
The US Treasury Department’s Youth Education page offers lesson plans and other materials to download. The fun and games section features card games, activity books and games, too. The design your own currency game is cute, though probably more suited to younger kids.
The US Mint Financial Literacy site also has learning games, plus lesson plans for teachers.
The literacy network offers activities parents and kids can do together to improve intergenerational financial literacy.
The Smart Money Quiz Show is a game that teaches about banks and credit. The player starts out with $10,000 of debt and has to earn his way out of debt by answering questions correctly. Good for older kids.
Charles Schwab MoneyWise is geared towards teens and their parents. The Financial Milestones page offers tips for parents about starting their kids on an allowance and other money milestones. Useful tools include a budgeting tool, a credit card payoff calculator and a spending tracker.
MinyanLand is a virtual community for kids that teaches them how to save and how their actions affect the community as a whole.
This entry was posted on Monday, September 15th, 2008 at 5:07 am and is filed under Kids and Family. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.
September 15th, 2008 at 12:44 pm
schools should teach this stuff! it’s alot more practical than some things they’re teaching now. If everyone knew how to manage their money, we’d have alot less economic problems.