Are you looking for new ways to teach your kids about money? Are you wondering, can video games improve kids' money skills? Video games are hugely popular, and a lot of them can actually teach your children important financial lessons. So if you're looking for new money management activities for teens, why not try video games?
GoHenry's in-app Money Missions include fun stories and quizzes to help your kids learn important financial lessons about everything from money safety and jobs, to investing, saving, and borrowing. Your kids can earn XP by playing the quizzes, and they can unlock fun badges. Plus, there are harder levels tailored to different age ranges, so there's always something new for your kids to learn.
Fortnite: Lessons in Frugality
Fortnite is a game where players try to survive using weapons and building structures. However, Fortnite will quickly teach your teen how to budget when they save up their in-game currency to get a powerful item that they want. You can also use this game to teach them about not making and actually avoiding impulse purchases, a great skill to have in adulthood.
Minecraft: Business Building Blocks
Minecraft is a well-known building game in which resources are limited. This means that most kids will start bartering and haggling with their friends to get the resources they need - a great lesson in how the economy works, as well as how to make their own business supplying a certain type of resource.
Roblox: Navigating a Virtual Marketplace
Roblox is a popular online game platform that has a currency called Robux. Robux can be very limited, and in some games, your kids might have to manage expenses. There's also a lot of trade that goes on between players, so your kids will get plenty of experience using virtual marketplaces and haggling.
Animal Crossing: Tackling Transactions
Animal Crossing is a game where you're instantly given a mortgage and have to pay it off. Your kids can then do a range of fun activities to make money. This can be anything from selling fish they catch, to planting trees and selling their fruit. Animal Crossing is even one of the few games that teach about investments, with the 'stalk market' investment options. Best of all, Animal Crossing has no real-money transactions.
The Sims: Money Strategies
The Sims is all about having a virtual life. This includes budgeting to get a house and then saving up to improve it. Your kid will also have to make sure their character gets a job in order to have an income. They'll also get to see how studying or working hard can lead to better job opportunities, which leads to a higher income. Of course, different furniture, clothes, and home improvements all cost money, so it's also a great way to learn about setting savings goals and budgeting to make sure they reach the goal.
House Flipper: Real Estate Investments
House Flipper is what it sounds like - a game where your kids can buy different houses and sell them for a profit. This is an ideal game to teach about real estate investments. There are even ways to improve the houses or repair any issues before selling them, which shows how important hard work is for real estate investing.
Slime Rancher: Investing
This is another game where your kids make investments, but this time on a smaller scale. Your kids start with a small piece of land to grow crops and raise slime creatures. With the money they make from those crops, they can invest in more land, better equipment, and other things to help their ranch. This shows how important investing is when building a business, and it also shows how they don't always need to start with a big investment to build something very profitable.
FIFA games: Budget and Team Management
The FIFA series has always been popular with football fans, but it's more than just playing sports. Your kids take the role of a football club manager, which means that they have to manage the limited budget for the club. They have to choose which players to sign and how to negotiate with other clubs to get better deals. This often means making careful choices, rather than always going for the most expensive option, which is a great life lesson.
StarCraft series: Resource Management
StarCraft games are definitely aimed at older kids, but that means they can teach some really in-depth financial lessons. StarCraft has a whole economy within the game, so your kids can learn about investing, budgeting, and carefully picking the right purchases. Unlike a lot of the games listed here, there's also the potential for emergencies to happen in the game, such as having their base attacked - this can be a great way for kids to learn about saving up an emergency fund.
How GoHenry can help with your children’s financial education
If you decide to set your children up with GoHenry accounts, they’ll have access to an extensive library of financial education resources. GoHenry's in-app Money Missions cover a lot - money basics, including spending, borrowing, investing, giving, saving, and compound interest. Kids can take quizzes, watch videos and even earn badges and points as they develop their money skills.