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?
6 Answers
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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All the links in this answer are outdated and don't go anywhere useful anymore.– TofandelJan 30, 2021 at 10:30
I've found that good old fashioned "Monopoly" teaches children about cash flow, mortgaging properties, and paying income taxes.
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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1(The question isn't closed, just aged. Always worth adding another answer, don't worry :-) Jan 12, 2010 at 12:56
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.
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.