April is Financial Literacy Month! This year, many of us have unique opportunities to participate in Financial Literacy Month. As schools around the globe are shut down due to the COVID-19 pandemic, many parents and caregivers have suddenly found themselves largely taking on the role of their children’s educators. Many are searching for new, exciting, and educational resources for children to do with their newfound free time.
Raising financially literate children is a great way to secure your child’s future. According to the Consumer Financial Protection Bureau (CFPB)'s Review of Youth Financial Education: Effects and Evidence, benefits of youth financial literacy include improved financial behaviors, increased future financial security, and better credit outcomes for young adults. Studies show that well-implemented financial education programs can enhance financial knowledge and promote healthier financial decisions. (For more details, you can read the full report here.)
Concepts found in personal finance merge well with valuable life skills such as problem-solving, decision-making, and self-control. A child’s ability to understand varying aspects of financial literacy varies greatly based on their cognitive abilities, but there are steps that can be taken for children of all ages to teach financial literacy.
We’ve gathered a list of our favorite resources for learning financial literacy at home! These resources span educational, government, and financial service sectors, including agencies like the CFPB and government entities like the FDIC. Each offers accessible programs and tools to build personal finance skills, with content tailored to various age groups and financial understanding levels.
The FDIC’s MoneySmart program offers educational materials and lesson plans for both teacher and parent/caregiver guides covering various age-appropriate topics for grades K-12. Some of the lessons include needs vs wants, buying decisions, and saving and investing. There are also downloadable coloring and activity pages!
The Consumer Financial Protection Bureau has multiple tools available for young children through young adults. There are worksheets and activity ideas, tips and guidelines for how to have conversations about money with the kids in your life, and some great reading lists.
U.S. Currency Education Program’s Currency Academy
The Currency Academy is a fun and interactive resource that children can participate in to learn all about paper money from an art and science perspective.
A fun app from the National Credit Union Administration for kids ages 5 and up to learn the concepts of earning, saving, and spending money. Also available in desktop.
The Bureau of the Fiscal Service offers a couple of finance-based kids’ games on their website, as well as educational content to explore.
15 Financial Literacy Crafts for Kids
Ideas from Kasasa for crafts kids can do at home that teach financial literacy concepts!