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I've heard that giving allowance is one approach to develop an understanding of money management. What other ways are available to teach kids about the benefits of savings?

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7 Answers 7

up vote 3 down vote accepted

I found this great resource at MarketWatch.com - a listing on online games that help parents teach kids about saving and finance, set up by age group.

Here's an example of some of the content:

For children six to nine: www.fleetkids.com, sponsored by the Fleet Bank, has great games -- like "Buy lo, Sell hi" and "Chunka Change" -- that teach kids about spending and saving. Kids can compete for prizes such as computers and backpacks for their schools.

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I've found that good old fashioned "Monopoly" teaches children about cash flow, mortgaging properties, and paying income taxes.

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I also saw a lot of reference to Mutual Mania Board Game, which is geared towards kids 11yrs+ and helps them learn about spending, saving, profit and loss.

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@Tuffster11 (at twitter) posted the following on the subject:

Tuffster11 @BasicallyMoney Kids Wealth. I bought this for my son last Christmas - http://bit.ly/5LdAoL

Below is a snapshot from the publisher web site, www.kidswealth.com:

Kids Wealth game

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I know this question is closed now, but I just found this site that people might be interested in... http://www.practicalmoneyskills.com/games/

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(The question isn't closed, just aged. Always worth adding another answer, don't worry :-) –  Chris W. Rea Jan 12 '10 at 12:56

We play Cash Flow and Cashflow for Kids by Robert Kiyosaki. Our kids love it.

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Animal Crossing is great for all ages and teaches kids the importance of saving money to pay off a debt for a home and to become successful by helping out the community and what it gets you.

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