While financial education can be learnt with books, board games are a great way to engage your kids to learn these important life skills. Board games introduce the core concepts of financial literacy in a subtle way, which helps kids to make smarter decisions in the future. Apart from enhancing the process of learning, it can be a great bonding activity for you and your family over the weekend.
Your choice of game can differ with the number of players and preference, however, here, we compile a list of selective board games that you can consider.
While Monopoly and the Game of Life are both popular and excellent picks to help your kid kick start their journey with money management, here are some suggestions for specific goals that you might want to meet with your kid.
The Allowance Game: The concept of reward systems + handling money
This game involves different chores that kids have to complete to earn cash. This can familiarise them with the idea of reward systems and introduces the idea that they need to work to earn money. Apart from the financial aspect, this can teach them social skills with spaces on the board asking them to pay a fine for a mistake or unacceptable behaviour.
Buy it Right: Learning money values + Exchange of money
This interactive game is the key to help your kid learn smart purchases. By determining their own selling prices for things, they can learn to evaluate the correct value for things as well as correct their mistakes along the way. This also introduces them to the idea of exchange of goods for money.
Pay Day: Making choices about conscious spending + saving
This game teaches kids how to save and spend their money as well as introduces them to the concept of taking loans to get through the month. By learning the pitfalls of debt, you can raise awareness at an early age as well as help them with money management through the game.
Net Worth: Handling Debt + Assets
This game can introduce them into a more realistic simulation of finances. In this game, kids are expected to handle debt as well as collect assets and improve their finances. They learn how to make decisions in a stock market simulation and the goal is to reach the highest net worth.
Million Dollar Challenge: Types of investments + bonds
Though this can be a challenging pick, it is recommended that you consider this when your child has developed a strong foundation of financial concepts. This game involves different types of bonds (stock indexes, gold etc.) and the decision lies with the route you wish to take. While this can be an extremely informative game, it is challenging and needs patience.
The Milestone app helps kids to build financial literacy, where they can learn more about earning, saving, and growing money in a fun and engaging manner through quests, tasks, and more.