Looking for new ways to boost your child’s financial education? For many parents, teaching their children about finances can be challenging. However, it’s also important to give them a head start on the financial skills they will need throughout their lives.
The good news is, teaching your children about money doesn’t have to be difficult. There are lots of ways to make financial literacy fun and engaging. Don’t believe us? Check out these five fun money activities for kids you can try out today.
Why making it fun and still being serious matters
Children can have short attention spans and tend to favour activities that keep them entertained. This is especially true when you are dealing with younger children. When you are trying to teach them about money, you may struggle to keep them interested for very long. That isn’t to say you can’t teach them about money. It just means you need to up your game.
Making financial education fun will not only keep your children interested, but it will also help them to better absorb what they are learning. Think about it — you retain more knowledge about the things you enjoy. So, making money fun is a great way to improve your kids' financial literacy.
5 fun activities to teach your child about money
Need inspiration for fun money activities? Check out these five fun activities that will teach your child about money…
1. Money Missions
Our in-app Money Missions can be accessed as part of your GoHenry membership. Missions cover money basics, investing, saving, compound interest, borrowing, giving, and more.
Money Missions follow financial education guidelines, and they are suitable for all ages. They will help your child grow in confidence while providing them with crucial financial education.
2. Let’s budget!
Teach your child about budgeting with real-life examples. One fun activity you can try is pizza budgeting. You get to teach your child about budgeting while eating pizza — a win/win for both of you. So, how does it work?
Explain to your child that the pizza represents monthly income. Each slice of pizza relates to different expenses that need to be paid, such as water, council tax, and rent/mortgage. This is a fun way to show them how monthly finances work and the importance of budgeting for multiple expenses.
3. Did someone say second-hand clothes?
Investing in second-hand clothes is a great way to teach your children about being thrifty with their money. Start by going into a clothes store and pointing out the prices for new clothing. Then, head to a second-hand shop and compare the prices. Give them a budget they can spend on second-hand clothes and watch as they try and get as much for their money as they can.
4. Back to the past
Over time, money typically changes in value. Teach your kids this with a fun ‘Back to the Past’ money lesson. In a fun way, teach them about the old coins people used and their values. Compare old currency to today’s currency to see how things have changed. Kids love to discover things from the past, so teaching them about old currency is sure to pique their interest.
5. Toss a coin to humanity to help a charity
Teaching your children about giving is an important life lesson. Why not turn giving into a game with this toss a coin idea? Choose two different charities for you and your child to support. Then, toss a coin to see which one you are going to give to first. You can donate to the other charity next time.
Explain why giving to charity and helping those in need is important. Don’t forget to teach them that it isn’t just monetary donations that can help too.
How GoHenry can teach your kids about money
At GoHenry, we’re passionate about supporting kids’ financial education in a fun, engaging way. That is why we have introduced a range of financial services included in one convenient, affordable package.
For a low cost of £2.99 per month, your child will receive their own pre-paid debit card, along with access to our extensive app. Features include; spending notifications, the ability to set up regular pocket money transfers, Giftlinks, Money Missions and much more. You can apply for our membership here.