Many families have thought about supporting their kids to learn the value of money, but few have a long-term plan that works. The problem that most families face is that parents do not have energy for everything. We need to work, manage households, maintain social life, and besides that we must take care of the education of kids: science, literacy, sports, and social values. It is simply not enough time for everything. Therefore, it is important to guide kids in a way that they are self-motivated to learn the value of money.
Moreover, we don’t want kids to think that money is everything, so they chase after money; on the other hand, we certainly don’t want them to believe that money grows on trees, so they spend irresponsibly. Where do we draw the line?
Kids best learn by doing and playing. However, it is increasingly difficult to attract a kid’s attention for knowledge next to distractions that are available at a finger tip using digital equipment. Hence in the digital age, the five superpowers of learning are 1) Tell a story 2) Play a game 3) Make it social 4) Make it immersive 5) Make it mobile.
It is crucial that we engage in multiple of these five powers to help kids to build up financial competencies. Below are four suggestions that utilize these powers.