Want to teach your children money management? Providing financial education for kids helps them to develop crucial money management skills. However, standard money lessons can be tedious which makes it hard to keep them interested.
If you want to teach your children about finance, money games are a great option. Popular with parents and children, these games provide a fun, interesting learning experience. So, what are the best money games for kids and how can they help with your child’s financial education?
Here we will tell you everything you need to know, as well as reveal the best money games for kids.
How money games contribute towards financial education of kids
Let’s face it, learning about money is often the last thing children want to do. They are far more interested in playing with friends or getting creative with arts and crafts. The main reason for this is because maths lessons and money lessons in general, can be dull and boring. Money games on the other hand, are fun and educational.
The different games on offer make learning about finances fun and simple for children. They can teach them about spending responsibly, good money saving habits, and investing. Games can also help teach the value of money and financial responsibility.
There are a lot of different money games for kids out there you can try, so which ones are better to invest in? Whether you are looking for the best apps or board games, below you’ll discover the best money games to consider.
The best money game apps for kids
Let’s start by looking at some of the best money apps for kids. These are typically paid apps; we’ll move on to free apps you can use a little later.
Our very own GoHenry app features bite-size Money Missions to help kids learn everything they need to know about money. Money Missions allow children to earn points while watching videos and taking interactive quizzes, on topics including saving money, spending wisely, and investing.
Toca Store, Apple
The Toca Store app available on Apple devices, teaches children about money in a fun, interactive way. It gives your child their very own store to run, helping them learn basic money maths skills. The app is better with two players, so either you could play with your child, or they could play with their siblings.
In the game, your child is the shopkeeper, and they can choose five different items to sell, out of a total of 34 products. They set their price, and the second player adds whatever items they want to buy. It provides hours of fun, while teaching core money maths skills.
The best money board games for kids
Want to teach your children financial responsibility without adding to their screen time? Board games are a fun alternative to apps, and the whole family can get involved. You’ll find a surprising number of money related board games available to purchase. Below, we suggest two of the most popular board games you might want to consider.
The Pocket Money: Spend or Save
By far one of the best money board games that you can invest in is The Pocket Money: Spend or Save. Designed by Woke Babies, this board game teaches your children about saving and earning money.
The game asks questions based upon the National Curriculum. It is designed for 2-6 players and ages 4 and up. Playing the game regularly with family can help your children to learn financial literacy, as well as better understand the value of money.
Pop to the Shop, Orchard Games
Suitable for ages 5 and up, Pop to the Shop by Orchard Games is a fun, colourful board game. It mostly teaches kids how to count money. With each throw of the dice, players will move around the board, visiting shops along the way. When they land on a shop, your children can decide whether to buy items to complete their board. The winner is the first player to get at least six items.
The best budgeting games for kids
If you want to teach your kids specifically about budgeting, there are some great games you can check out. Two of the budgeting games for kids include The Game of Life and Pay Day.
The Game of Life
The Game of Life has been a popular family board game for decades. It is designed to be played by 2-6 players and is suitable for kids aged 8 and over. Along the way, players reach milestones such as getting married, starting a job and having children. As you reach each milestone, you receive a peg that is placed into your game piece.
The reason the game is great at teaching children about budgeting is that it features a bank. Not only does this have various banknotes, but it also has several insurance policy options as well as stock certificates.
Pay Day is all about money management. Suitable for players aged 8 and over, you will spend, invest, and borrow money to get rich. Players can land on Mail and Deal cards along the way. Much like Monopoly with Chance and Community cards, these can hinder or help you along the way.
It is an easy game to play and enjoyable for all the family. It does take around an hour to complete a game, so it’s a great way to spend a rainy day together.
The best investing-based games for kids
Investing in life can potentially provide a good source of income. However, it can be tricky to understand. The earlier you start to teach your kids about investing, the easier they will find it when they reach adulthood. This is why our Money Missions include a topic on investing. A couple of games that can help your kids learn more about investments include…
Rich Dad Investing
Rich Dad Investing is potentially the most popular investing game on the market. In this exciting game, players need to get out of the rat race by purchasing stocks, property, precious metals, and businesses.
Along the way, the game teaches kids how to invest and how investment scenarios work. They will be able to test out real-life strategies and face the challenges that investment presents. This is a fun investment game that is designed more with teenagers in mind.
The best free money games for kids
If you’d prefer, you can use free money games for kids. There are a lot of different options here, but one of the best is the Coins Game. Designed for ages 4-10, this great game teaches kids about various currencies. It requires your kids to sort coins into different boxes, as well as arrange coins in high-low values.
Search for free money games for kids and you’ll be met with hundreds of results. Compare the different options to see which games are better suited to your kids.