Financial Literacy Games for the Whole Family

Making sure that your kids are well taken care of and have the best possible opportunities and education is a top priority for all parents. Teaching the next generation the value of money and how to manage their finances is best when started early as it sets patterns and habits that will benefit them for their entire lives.
A great solution is to use games to teach the core concepts of financial literacy, and in today’s digital world, there’s no lack of apps and online lessons to teach personal finance. But if you want something a little more real-world, then board games are also a fun way to spend your time with your family and instill some valuable financial lessons at the same time.
There are a number of classic finance-related board games that teach money-management skills. (Remember saving up your Monopoly money to buy Park Place?) Plus, there’s a whole crop of new games dedicated to personal finance topics.
Here are the top board games—both classic and new—to teach essential financial literacy skills to a range of ages.

Monopoly
Originally titled “Landlord’s Game” this classic was intended to teach about income inequality. Created by Lizzie Magie, an artist, writer, feminist, and inventor, Monopoly continues to be a staple in any family board game closet.
The premise of Monopoly is to amass properties and then build homes and hotels in order to charge unlucky players who visit your real estate holdings. The winner has the best money management skills determined by the highest net worth of property and cash.

CASHFLOW
Created by renowned entrepreneur and author of “Rich Dad Poor Dad,” CASHFLOW encourages players to escape the rat race of a 9 to 5 job by acquiring stocks, investing, and building up passive income.
Players learn a lot about their personal financial style and how it compares to their opponents. Are you a risk taker with investing or do you play it safe? Either way, you’ll sharpen your financial literacy skills by practicing saving, investing, and making money.

Online options:
The American Library Association, in partnership with the FINRA Investor Education Foundation, has released a collection of free online games to teach children basic financial skills related to earning, saving and spending money.
The four interactive games — part of a series called Thinking Money for Kids and available at tm4k.ala.org — are designed for children ages 7 to 11 but are appropriate for other ages as well.
Earning It: Follow the paths of characters Grace, Emma, and Kenji to see how their childhood interests translate into successful careers and opportunities to “give back” by volunteering.
Balance My Budget: Make choices about how to meet basic needs and treat yourself with a splurge here and there, while sticking to a monthly budget.
Money Trail: Starting with $500 in your bank account, make decisions about how to earn and spend.
Let’s Deal: Hear from buyers and vendors at a farmers market as they swap goods and learn about money.

 

 

 

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