5 Holiday Gifts That Teach Kids Money Skills (and Are Actually Fun)
Written by
Laura Bogart
Edited by
Kristen Mae
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Sure, you could get the kids on your holiday list a Labubu or a flashy gaming system. But you believe in giving gifts that educate young people about core life skills — like managing their money. While the toy du jour gathers dust on a shelf by next spring, gifts that help grow kids’ and teens’ money skills have lasting value for years to come.
Still, you might worry that a more practical gift won’t be fun or exciting. You dread the thought of being the uncool relative who gave them something sugarcoated to make boring adult skills go down easier. Relax. Experts GOBankingRates spoke with shared gifts that will help kids at different ages build money skills while also having a good time.
1. ‘Shop Owner’ Playsets
If anyone can recommend toys that encourage skill development while also providing real fun, it’s Mandi Jackson Zielinski, founder and lead educator at Multisori. She’s a big fan of giving younger children toys that let them pretend to run a business like an imaginary café, shop, or even a stall at a farmers market.
“When a child is forced to choose between putting play money aside for a ‘bigger’ purchase or spending it immediately, you are teaching the kid the basics of budgeting long before that principle enters schoolhouse doors,” she said.
She’s seen how effective these toys can be when preschoolers start saying they’re “saving for later” while engaged in play.
2. Prepaid Debit Cards and Money Journals
For older kids and teens, Zielinski favors gifts that allow them to experience real-world financial transactions — without risking disastrous consequences as they learn. She suggests a prepaid debit card designed for teens, along with a money journal where they can track their choices. The journal is also a great place to write down goals and evaluate progress week to week.
“To make it feel real, I have them select a small recurring expense that they’re going to take control of, such as their monthly movie night or snacks for a study group,” she said. “Having the sense of ownership changes the experience; they no longer think of money as something to be acquired, but rather as something to be invested.”
3. Piggy Banks and Savings Accounts
As a father of three children and the president and CEO of American Financial Services, Jason Bernat has given plenty of thought to teaching his kids financial responsibility. His chief goals? Ensuring they know how to save money and handle it.
To that end, he and his wife gave each child a piggy bank — a place to put all the money they’ve saved throughout the year. The real fun, and the moment when they can see the benefit of saving wisely, happens on the kids’ birthdays.
“On each of their birthdays, we open it up and count it together,” he said. “Whatever that number is, my wife and I match it, and it goes into the savings account we set up for them.”
4. Brokerage Accounts
Bernat and his wife have also set up a custodial brokerage account for each of their daughters, where they make monthly deposits. What initially starts as a way to build long-term wealth becomes a bonding opportunity as the girls get older and can start deciding which stocks to buy.
“With my oldest, we show her what we saved, the stocks we bought and what her savings looks like,” he said. “I now include her to help me choose what to buy and begin tracking it. I’ll eventually do the same with her sisters.”
5. Financially Inspired Board Games
Though most young people live online these days, Mark Friend, company director of Classroom365, prefers a more analog approach to teaching them about money. A good old-fashioned game of Monopoly can expose kids to the process of creating wealth by gaining assets and balancing risk.
“It’s a perfect model for explaining how money generates money,” he said. “They learn that depositing cash into a house or hotel produces passive rent, which is the essence of wealth building. It’s a fantastic environment to test calculated risks such as buying Marvin Gardens, which can result in massive returns or catastrophic losses, without the actual financial danger.”
There are countless Monopoly themes on the market today — from Star Wars to the Beatles and even the NFL — so there’s surely a version your kiddos will find fun.
The Bottom Line
You can give the kids in your life a pathway to growing their wealth by investing in a few smart toys, board games and financial products. Just hope that when they’re billionaires, they remember the person who helped set it all in motion — ideally with a holiday vacation someplace warm.
Need a little extra holiday magic in your budget? MoneyLion, a sister company of GOBankingRates, is giving away $2,000 a day for 50 days starting Dec. 5. Sign up and see if this festive windfall lands under your tree.
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