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