The games parents are using to teach their children about money, saving and taxes
The games parents are using to teach their children about money, saving and taxes
The games parents are using to teach their children about money, saving and taxes
By Alys Key
June 27, 2020
Summary
Playing the game got me thinking about the use of games in financial education, and as it turns out there is a lot to be said for the idea.
"Between juggling work commitments and at-home education, there can be few hours left in the day to tackle money lessons as well. However, we've found that turning these lessons into a game makes for a fun experience and helps them remember what you're teaching."
Video games like Island Saver can be a great way to keep the kids both entertained and learning for a few hours, but if you want to limit their screen time or do something as a family, there's always a good old- fashioned board game.
"Parents can keep their children entertained, while learning about money, by playing games such as Monopoly or Game of Life. My girls love playing Monopoly Deal before breakfast."
"It is very important for parents to help children make the connection between what they are learning from the game and real life. For example, Monopoly teaches us to keep an emergency fund in case of unexpected doctor, tax or school trip bills and to invest money to make more money."
"The great thing about playing money-related games is that it reinforces these learnings each time they are played."
Clare Francis, director of savings and investment at Barclays, agrees that board games can be invaluable.
"The Game of Life is another personal favourite. The age-old game enables users to re-create real-life money scenarios, and can provide lifelong lessons such as the impact your education and career choices can have on your income. And let's not forget Payday! This is a top example of a game that explains the art of budgeting in a simple and enjoyable manner."
"The beauty of these games is they aren't just an interactive and fun way to engage children - the whole family can get involved and become more financially literate."
Adrian has himself used two games known as "Tuck shop" and "Family store" with his own children.
Reference
Key, A. (2020, June 27). The games parents are using to teach their children about money. Retrieved June 28, 2020, from https://inews.co.uk/inews-lifestyle/money/island-saver-games-money-educate-children-tax-457194