Kiev. Ukraine. Ukraine Gate – January 20, 2021 – Education
The need to introduce financial literacy lessons in schools is being actively discussed around the world. Various statistics show that most schoolchildren and students do not know how to manage their own money and experience difficulties due to lack of necessary knowledge.
Experts say that children should be taught to manage finances at a preschool age. Education 24, with the support of a Canon partner, has put together the most effective tips for parents to help teach children financial literacy and prepare them for independent living.
What is money and what is its purpose
The ability to manage finances is a habit that takes time to form. A study by the American publication Bankrate shows that 46% of adults in the United States have no savings, even in case of unforeseen circumstances.
To change the situation in the future, experts advise parents to use a few simple methods in the process of raising children.
#1 Discuss desires and needs
The first step in teaching children financial literacy is to distinguish between desires and needs. Explain that needs are basic: food, shelter, and clothing, and desires are only secondary.
You can use the family budget as an example of spending on necessities and desires.
#2 Give yourself the opportunity to make your own money
If you want to teach children to save money, reward them financially for homework and other tasks. This will allow children to understand the value of money through their own efforts.
Let the kids make their own money
#3 Set goals for financial savings
For a child to save money without a clear purpose may seem pointless. Helping to determine the purpose of savings means teaching a child to count money.
For example, if a child wants to buy a toy for 200 hryvnias, receiving 50 hryvnia per week, help him determine when this toy can be purchased.
#4 Determine where to store your saved money
When a child understands the purpose of savings, he needs to store his money somewhere. For the little ones it can be a regular piggy bank, and for teenagers you can open a separate bank account.
Where Kids Store Their Own Savings
In this way, they will be able to visually observe financial progress.
#5 Have your child write down their expenses
You can learn to save by controlling your expenses. If a child buys some trinkets from his savings, he should write down and add all the expenses.
Encourage your child to think about how quickly they could get something more valuable if they did not buy candy.
Learn to manage money with fun games
The most effective method of teaching a child financial literacy is to develop skills through play. On the Internet you can find many board games that can be printed at home.
The most popular game is “Monopoly”. You can develop financial literacy skills, and at the same time start learning English for free by downloading and printing the game at the link.
We recommend using Canon MegaTank printers for printing, which have built-in high-capacity inkwells. Printed games will be bright and without extra margins, will have a smooth and natural look.
Online games for the development of children’s financial literacy
Modern children are able to use the latest technologies from an early age. It is possible to combine game process with advantage thanks to the following educational applications:
Peter Pig’s Money Counter. This game is designed for children aged 5 to 8 and is designed to develop the skills of determining, counting and saving money. The application is available for iOS and Android devices.
Wise Pockets. The game will be interesting for children from 6 to 12 years old and can teach you to save, spend and borrow money. You can run Wise Pockets in any browser.
Fruit Shoot Coins. Here children will have to add coins and shoot them into the fruit only a certain amount. You need to have Flash Player installed to play on your PC.
Financial Soccer. The game will be useful for teenagers who are interested in sports. Children can play rugby by developing their own financial skills. For a successful game process, it is necessary to answer interactive questions related to the amount of money. You can download the application on iOS and Android devices.