An image of a children and kids playing a board game.
Teaching kids about money management, budgeting, and spending wisely, is an important part of every parent’s job. And plenty of parents grasp this fact. A recent survey conducted by Chase found that more than 70 percent of parents in the U.S. are regularly discussing the basics of personal finances with their children, including talking about saving and spending with them and how to use a bank account.
The survey, which polled parents of kids ages 17 and under found that 62 percent of parents talk about their family’s own financial situation with kids, including delving into the family’s ability to purchase certain things, take a family trip, or participate in extracurricular activities
This is all great news, but often however, these lessons can be a less than exciting experience for the children involved. Luckily there are plenty of board games designed to deliver a hefty dose of fun while also imparting helpful, real life money principles. (Monopoly anyone?)
For parents who may be in search of a few additional gifts to put under the Christmas tree this year, or who are simply seeking a better way to teach kids about money, here are six board games to put on your shopping list.
1. Cover Your Assets
Life is full of financial risks and rewards. And as it turns out, there’s a children’s board game designed to cover this important money-related concept. The game in question is Cover Your Assets, ($17, Amazon) and it’s a personal favorite of certified financial planner and author of the children’s book Money A to Z, Scott Alan Turner, of Rock Star Financial Planning.
“It’s fun, quick to learn, easy to understand, and helps kids grasp simple money concepts,” Turner tells Parents. “Things like protecting what you own, the value of different assets—homes, cars, baseball cards— and how to build wealth using strategy.”
As an added bonus, the game helps children count large sums of money.
“We also play it with just adults and it’s equally as fun,” says Turner.
2. Cash Flow for Kids
Who better to teach kids about money than Robert Kiyosaki, author of The New York Times best-selling book, Rich Dad Poor Dad?
Kiyosaki’s offering on the kids’ game front is Cashflow ($70, Amazon) an award-winning personal finance game that uses components of stock-investing games, business-building games, and real estate-investing games to challenge players’ perceptions of how to generate and sustain wealth.
The object of the game is to increase each player’s financial IQ so that they can maximize earning potential, build passive income through investments, stop working so hard, …….