Until financial literacy is taught regularly in traditional public schools, parents have to take matters into their own hands by providing their kids with materials that can teach them about money. Generally, the younger you instill the importance, functions and quirks of how money works, the better equipped your kids will be at handling this most critical aspect of life.
The problem? Learning about money can be really boring, especially for children who may have rapidly racing attention spans and more fun things to do during their time outside of school. Fortunately, there are ways to make personal finance education fun, entertaining and engaging, even for kids. Rev up the Kindle and the iPad, we’re about to download some media!
One might not guess that a podcast about the importance of dental hygiene could also render insights about money management, but Chompers makes a strong case. This podcast for little ones serves up consistent reminders to brush your teeth.
True, it doesn’t talk directly about money, but by constantly hammering home the necessity of being responsible, it provides a building block for parents to later discuss more mature musts — like paying bills on time.
‘Earn It, Save It, Give It, and Spend It’
“For 3 to 7-year-olds, the Moneybunny series by Cinders McLeod, which includes ‘Earn It, Save It, Give It, and Spend It‘, is a fantastic picture book series laying out the basics of money and how we use it. I love this series because the illustrations are adorable and if you’re using the save-spend-give allowance jar method (which is excellent) you can use the series to explain to your child what each jar is for,” said Chelsea Brennan, founder of Smart Money Mamas.
‘How to Turn $100 into $1,000,000: Earn! Save! Invest!’
“My top recommendation for 8- to 14-year-olds is ‘How to Turn $100 into $1,000,000: Earn! Save! Invest!’ by James McKenna and Jeannine Glista,” Brennan said.
“I love this book because it covers money mindset and goal setting, as well as budgeting, investing, and entrepreneurship. It makes money highly accessible for kids and encourages them to find ways to earn their own money today, giving them the opportunity to practice and build financial confidence.”
‘I Want More Pizza’
“One of the things that makes this book so much more suitable for kids and their families is its engaging writing style. Burkholder uses clear language filled with examples and anecdotes that everyone can relate to. This helps kids understand concepts better and learn the underlying message. The book is also very thorough and is divided into four sections, called ‘slices,’ talking about the reader’s goals and relationship with money, saving, investing and debt.”
“My absolute favorite money-focused podcast for kids is called ‘Million Bazillion’, produced by American Public Media,” said David Patterson-Cole,CEO of Moonchaser. “Their flagship program, Marketplace,is essential listening for any adult wanting to understand how the economy affects their wallets. ‘Million Bazillion’takes their dedication to quality and applies it to children’s programming, explaining such concepts as how to save and what the stock market is.”
‘The Ramsey Show’
“Dave takes callers of all ages, living in different parts of the U.S, and of great variance in financial situations and answers their money questions and tries to give them solutions to their problems or prepare a plan to attack a financial goal in their lives.”
‘Kids Money & More’
“This podcast combines the elements of entertainment and education brilliantly in its episodes,” said Elizabeth Hicks, co-founder of Parenting Nerd. “The model is simple: to help kids become financially literate by using everyday examples. The show’s host is accompanied by her children, which helps create relatability with the younger audience members. This makes it an ideal viewing option for families.”
‘Curious George Saves His Pennies’
“This book helps kids learn about different bills and coins. Moreover, it teaches kids to keep money earned and save it up if they need to buy something. It also shows that sharing the money you have can also be rewarding.”
‘Jenny Found a Penny’
In this book [by Trudy Harris], Jenny wants to buy something, only she needs a whole dollar — so she does some chores around the house and saves up all her pennies and nickels, only to find there is a sales tax added to the item,” said Louisa Smith, Founder of Epic Book Society.
“Jenny learns that it is important to over save to compensate for the tax. It’s an important lesson to teach your children from a young age, that every penny you earn is not a penny kept, and that a fraction of that should be put away for taxes or fees. This book is suitable for ages 5+.”
‘Money Math: Addition and Subtraction’
“While reading this book, kids will learn who the guys are on the front of American currency, and they learn how much money is worthy. Moreover, this book is foundational as parents can keep coming back to it as kiddos learn everything about addition and subtraction. Once they can count numbers, they will be prepared to measure how much change they should get back.”
‘The Art of Allowance Podcast’
“Compared to other podcasts, this addresses the first source of income for kids – allowances. Teaching kids how to manage their allowances is a precursor to financially responsible adults who take calculated risks and grow their money without losing too much of it.”
‘The Kids Get Rich Podcast’
‘A Boy, a Budget, and a Dream’
“‘A Boy, a Budget, and a Dream’ by Jasmine Paul is an inspiring story that will give your kids the right idea about the power of planning and budgeting,” said Carter Seuthe, CEO, Credit Summit Consolidation.
“Rather than teaching about specific financial concepts or getting into math, the book focuses on a young boy who wants to attend a pricey science camp and has to save his money and set a budget in order to achieve his goal.”
‘Money with Mak and G’
“This podcast is hosted by two 11-year-olds, and right off the bat they are able to connect with other kids much better because they use language they understand,” said Seuthe.
“Mak and G cover all kinds of financial topics, like saving, allowances, cash versus credit and more — making these topics easily digestible and understandable.”
More From GOBankingRates