Teaching Youth About Money

Your kids are in the middle of summer and loving it. The thought of no classes or homework is exciting for youth. As a parent, you may be concerned about your children spending too much time in front of the television and playing video games, especially this summer with limited options for kids due to the coronavirus pandemic. 

Although kids may be a little resistant to summer learning, it’s never too early to start teaching children about smart money management. I would like to give you an option for your children between the ages of 9 and 12 to begin learning about finances this summer. If you don’t have children, keep reading, as you may want to share with others. 

The Federal Reserve Bank of Cleveland has an activity book that introduces youth to basic financial concepts. The activity book, Great Minds Think, A New Guide to Money, can be downloaded or ordered as a print workbook. The activities cover four broad concepts important for understanding responsible money management — decision-making, saving, spending, and budgeting.

This entertaining workbook is full of activities, developed for youth ages 9 to 12. This is an important age for kids who may begin earning allowances or chore money, and developing skills that will be essential when they are able to take on official jobs as teenagers. Kids are given an activity to complete, followed by an opportunity to apply that concept to their personal situations. Throughout the book are terms with definitions. At the end of the book there is a money crossword and links for additional information to include some money games available online. 

The book is relatively short with only 20 pages in total, but it is designed to act as a companion to parental help. Each of the four sections take an hour or less to complete, and after each lesson, you should take time to discuss the concepts with your child. You can share how that concept applies to your own life and your family’s budget. You may even find you learn something in the process. 

If you are interested in more books for your children about money, check out the blog that I wrote for Reading and Financial Literacy month. The blog shares information about the Money as Your Grow Bookshelf by the Consumer Financial Protection Bureau. 

Enjoy your summer!

One Reply to “Teaching Youth About Money”

  1. This is great advice! Very honest and practical.I really enjoyed this post.Nice post!! these tips may help Great post, Jo! My favorite work advice.Thanks so much for a detailed post! It is very helpful for.Your post is helpful to avoid the mistakes.

    Like

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