As the name indicates, financial literacy is about gaining knowledge about money, learning all financial skills, and using those skills to make the right financial decisions. Nowadays, we live in a fast-paced world where it has become necessary to teach personal financial management to even kids.
Essential Aspects of Financial Literacy
Your child should first learn the importance of money and how to make it. For this, you can assign simple tasks to your child and, in return, award them with some monetary compensation.
All children should understand their spending limits. For this, they need to be aware of varied budgeting techniques. It would help if you made children the way to divide their earnings.
Saving and investing money are also essential elements of financial literacy and management.
Top Websites to Teach Kids about Finance and Money
Speaking to kids about money is not at all easy for parents. To simplify this process, we are sharing the details of some interactive websites that will help you make this discussion fun.
When it comes to searching websites that are related to financial literacy for kids, Mint is one of the most popular websites. This site is divided into specific sections as per the age group. The Mint has designed many games around giving, earning, spending, and saving. Apart from games, specific quizzes and calculator games are available to make children financially literate.
Practical Money Skills
On this website, you can read articles and enjoy lesson plans or games. Some popular games are financial football, money-related quizzes, cash puzzler, and Peter Pig’s money counter.
Money Sense is a financial education curriculum website for the age group of Children 5-18 years. On this website, using cartoon characters, one explains the website. It has also designed separate sections for parents to learn how to teach kids financial management.
This website will provide all relevant material to make your kids financially literate. The most popular topics on this website are banking, credit loans, retirement planning, financial management, budgeting, use of credit cards, etc. It is also a popular website to teach your child the basics of money management.
This website offers financial lessons under the supervision of people holding MBA and CA degrees from top-tier universities. It is also one of the widespread financial literacy education websites that use the gamification strategy to teach financial lessons to children falling between the age group of 8 years to 16 years. Presently, students from 20 countries are taking the help of Education 10X, including Kuwait, Saudi Arabia, Bahrain & Oman are using this website to teach kids financial literacy.
It is also one of the widespread financial literacy websites specialising in fields like entrepreneurship, investing, and finance. It aids in making your child financially disciplined. The age group that can avail of the benefit of this website is 9 to 18 years. The first class is complimentary. The cost per session is $62.50.
It is also counted as one of the best platforms for teaching kids financial management. It works as a virtual bank for kids. Bankaroo is best in giving budgeting lessons to kids. This site makes tracking monthly allowance easier; one can also go for money transfers. Any child can add content on this platform.
Sense and Dollars
It is also one of the knowledgeable financial literacy websites from which, as parents, you can make your children learn every aspect of money management, budgeting, and saving. The website consists of enjoyable games related to saving, earning, and spending.
Financial literacy is essential for youth to lay down all the groundwork for adopting solid monetary habits. It is how to help your child lead a financially secure life and achieve financial freedom. So, if, as a parent, you are looking for an excellent place to start financial literacy teachings for your kids, all the websites mentioned above will prove to be the best.
How can financial literacy be imparted to kids?
The best ways to teach financial literacy to kids are
- Set their financial goals
- Take them grocery shopping
- Open a bank account for kids to make them child understand the ways to grow money.
- Conduct financial management review sessions
- Listening to financial podcasts.
What is financial literacy?
The financial literacy is getting knowledge about how to make effective and informed decisions concerning finance. It includes investing, budgeting, earning, and savings.
What are the benefits of becoming financially literate?
Financial literacy makes us financially stable and self-sufficient. Teaches us the strategies of saving money, makes us understand the difference between needs and wants, budgeting and paying bills on time.