Wealth management is a skill that can be taught from a young age – indeed, children who are taught how to handle money early on tend to have a better understanding of how best to manage their finances as adults, making fewer mistakes and creating more successful financial futures.
Learning a new skill or an important life lesson is always more impactful when you’re having fun.
Want to start teaching your children the value of money?
Here are four fun games to get you started:
1. It’s a numbers thing
Put the notes in your wallet in a large envelope and let your young child pull them out one by one, reading the numbers on the note. The number will determine how many times they have to do a certain action e.g. R20 = 20 star jumps. Take turns completing the number of required actions and have a little physical fun on the way to helping them learn how ‘much’ a number is worth.
2. Hit the shops
Shopping can be a fun activity for children, especially if they are on the receiving end of what seems like a big shopping spree. Next time you take your children shopping, turn it into a money game. Give them your shopping list and an amount and let them to see if they can compare prices and select goods to complete the list within that amount. Spend time talking to them about the cost of the goods you’re buying and how these fit into your budget. This game can be simplified for younger children – let them be the ones to hand over your cash or card at the till after watching each item being scanned and seeing the price. This way they will see that buying goods requires an exchange of goods for cash.
3. Play a money game
Whether it’s online or in the form of a board game (think Monopoly or Life), games that are about money are a great way to teach children about the cost of living, the fact that money ‘doesn’t grow on trees’, and the importance of making smart money decisions. These games combine a healthy sense of competition with teamwork and good times to drive home essential money lessons. Let these games be an opportunity for a money discussion rather than a boring lesson or lecture.
4. Set up shop
For a week, pay your child for doing their chores or helping around the house with play money (like Monopoly notes). At the end of the week, sit down and help them count out their earnings. Then let them spend their hard-earned cash in the family ‘store’. Let your child choose from a selection of snacks, treats, coupons for outings, and small lucky packet toys, depending on how much ‘money’ they’ve earned.
Have concerns about how to manage your family’s finances now and into the future? Our expert team of financial advisers are committed to helping you protect and grow your wealth for a secure future.