It’s crucial for your family to know the basics of financial literacy, but how do you approach teaching them? Luckily, you’re making financial decisions every day—you simply need to let your kids in on the conversation.
Make it real. Teaching financial literacy doesn’t have to be a formalized lesson for your family. Experience is often the best teacher. You can give your children that experience by involving them in what you’re doing in a way that makes sense for their age. For example, a trip to the grocery store is a great time for a child of any age to get some practice.
Have some fun. Many find that talking about finances causes either boredom or anxiety—or perhaps a mix of both. But it doesn’t have to be that way, especially not for you and your kids. Managing your finances correctly is the pathway to buying a new home, going on that vacation you’ve always wanted, or spending a fun night out with loved ones. Of course, it’s important to balance any conversations with the appropriate warnings and precautions, but the goal is to get your kids excited about the possibilities.
Check out our real-life simulation and gamified approach to financial literacy right here.