Let the games begin: Fun ways to teach kids about money

Financial literacy rates in the U.S. have been dropping since 2009, with less than one-third of adults ages 18 to 54 able to answer basic questions related to personal finance. And this is not a new challenge. Over the last decade, 15-year-olds entering high school in the U.S. have shown little improvement in financial literacy when compared with peers worldwide.

One way we can bridge this widening financial knowledge gap is with educational resources like Ally Bank’s Fintropolis and Planet Zeee . Mary Poppins once said, “In every job that must be done, there is an element of fun.” Finding that spark with game-based financial education resources has become an essential piece of teaching students how to handle their finances and develop healthy relationships with money.

No six-year-old is going to be diving into the deep end of the stock market, but there are lifelong benefits to starting financial literacy early on . Studies have shown over and over again that kids who are taught about money are better at saving, earning and managing debt. They also generally have a healthier relationship with money as adults.

Games like the U.S. Mint’s collection of free educational resources make learning about saving, earning and the value of money (with a little history and space travel thrown in, too) fun and engaging for kids of all ages. Begin with the basics and make it interactive.  Kids can count coins with a collection of fun characters, choose their own adventure in saving vs. spending or pick up some math skills with a quick game of basketball. With this approach, you can begin to build good money habits that could last a lifetime.

How do you instill the essential knowledge required to navigate tough topics like credit card debt and fraud without scaring young people away from these finance realities? Video games are the perfect avenue to make these topics more familiar.

Digital games like the suite of finance-focused options by Financial Entertainment make these more challenging conversations accessible and relatable by placing them in more familiar —and fun — environments. This ensures tweens and teens are able to learn about financial faux pas in a safe, supportive environment (and carry them along into the real world). You know they’re building essential life skills, while they know they just beat their personal record.

Saving is a strong starting place, but no financial literacy curriculum would be complete without investing. But stocks, bonds, dividends and all that comes with them can be overwhelming and without the right approach, you risk putting young people off from this essential method for building wealth. By gamifying the complex world of investing — something the Stock Market Game by the SIFMA Foundation has built an entire lesson plan for — teachers can create a hands-on experience rather than a dry, complicated lecture.

The time is now to start boosting financial literacy in the U.S. By making it fun and accessible we can ensure kids get a strong start in finance best practices. Bridging this gap with game-based learning not only creates money-smart kids today, but financially healthy adults tomorrow.