Financial education: financial literacy resources for children

Did you know that only about a quarter of kids in the UK enjoy learning about money in school? This is what Beano Studios' 2020 study revealed, in a survey of 1,600 children aged 7 to 14. When asked what would make learning about money more fun, they mentioned games, jokes, and hands-on activities.

These kids were onto something. Why can't financial education be fun? If you've got a little one at home, you know there's no better way to pique their curiosity and get them exploring than a good game. There are tonnes of activities you can do right at home to teach them about money.

In this article, we'll run you through some financial literacy resources for kids, from interactive games and children's books to websites with multimedia tools. We'll also introduce you to Revolut <18, a powerful money app that your kids can use to manage their allowance and practice good spending habits early on.

What is financial literacy, and why is it important for kids?

Financial literacy is the ability to understand and use various financial skills, including budgeting, saving, investing, and managing debt. It involves making informed decisions about money and being aware of the financial opportunities and risks that come with different choices.

For kids, financial literacy is incredibly important for several reasons:

• It lays a foundation for financial success early on in life.
  By learning about money at a young age, they can start to understand the value of money, the importance of saving, and the consequences of overspending. It equips them with the tools they need to manage their personal finances in the future.
  
• It fosters responsible decision-making.
  Financial education helps kids differentiate between needs and wants, which is a crucial skill for managing their money effectively as they grow older.
  
• It helps prevent debt in adulthood.
  Kids who are financially literate understand the importance of living within their means and the consequences of borrowing money, which can help them avoid excessive debt in the future.
  
• It opens their minds to investment and growth opportunities.
  Financial literacy introduces kids to the concept of investing and how money can grow over time. This knowledge can inspire them to start saving and investing early, which can lead to significant financial gains in the long run.
  
• It promotes independence and confidence.
  Being financially literate empowers kids to make their own decisions and makes them less likely to rely on others for financial support in the future.
  
• It encourages critical thinking and problem-solving.
  Kids learn to analyse financial situations, evaluate options, and make informed decisions, which are valuable skills in all aspects of life.

Financial literacy apps — from money management tools to interactive games

Having trouble getting your kid to put down their smartphone? Instead of fighting them, turn their device into a powerful learning tool. Money apps and interactive games are a great way to grab their attention and help them develop their financial literacy.

Revolut <18

There's no better way to learn money management skills than through practice. That's the idea behind Revolut <18, a children's account that comes with an app designed specially for kids and teens between 6 and 17 years old. It gives them easy-to-use tools to help them learn to manage their own money, under your supervision. There are no set-up or monthly subscription fees for one <18 account, so you can teach them to budget, on a budget.

Revolut <18 is set up as a subaccount that's linked to your personal Revolut account. You can pay their allowance into their subaccount in a tap, or give them a regular 'payday' by scheduling recurring top-ups. They'll get their own debit card to spend the money in their account, and they can even customise their card design for a small fee.

The app comes with intuitive analytics tools, so they'll be able to see where their money's going and where they can cut back. Once they turn 13, they'll be able to send money to other Revolut <18 peers and settle bills with friends on their own.

There are also fun features like Revolut <18 Earn, which lets you set challenges for your child, like household chores, and determine their earnings for completing them. It'll get them cleaning their room in no time.

To teach them that little savings make a big difference, you have Pockets and spare change round-ups. Pockets is a feature that lets your child create and customise savings compartments, where they can save towards specific goals. With spare change round-ups, your kid's card purchases are rounded up to the nearest whole number, and the difference is automatically saved in the Pocket you choose.

And of course, you're always in control. Right from your app, you can set spending limits, freeze their card, set up trusted contacts for transfers, and more. Their account is also protected by advanced security features designed for minors, with blocks on gambling, cigarettes, and alcohol. All in all, this is a money app that both you and your kid are likely to love.

Pigby's Fair

If your kids aren't quite ready to manage their own account, try a game-based app like Pigby's Fair. This is a free mobile app developed by NatWest to teach children from 5 to 11 about money management.

It provides an interactive learning experience with games and quizzes tailored to different age groups. Kids can set up and run their own stall alongside Pigby at the village fair, with in-app rewards and incentives for completing lessons and activities. This one's a fun one to check out.

Savings Spree

Savings Spree is an interactive and educational tool that consists of mini-games and activities, with money-related scenarios and challenges that mimic real-life situations. It's got colourful illustrations and an intuitive design that'll make it especially appealing to younger kids around the age of 7.

MoneyPrep

MoneyPrep is another educational mobile app designed to teach financial literacy to children, as well as core maths concepts. It offers interactive games and learning activities aimed at helping kids develop essential money management skills.

The app covers a range of financial topics, from basic concepts like saving and spending to more advanced ideas like budgeting and investing. It includes some free content, as well as in-app purchases and a premium subscription option for additional learning materials and features.

Money games for kids

App-based financial literacy games are great educational tools, but if you want your children to take a break from their smartphone, check out some of these board games. These will get them practising their money management skills in a more social context.

Monopoly

You probably saw this one coming. Monopoly is a classic board game that continues to be a household staple and a great way to introduce concepts like budgeting, saving, and investing. Your kids will learn about managing money as they buy properties, pay rent, and handle unexpected expenses — all in a safe environment where they're free to learn through trial and error.

The Game of Life

The Game of Life is another classic that simulates a person's journey through life, from college to retirement. Your kids will learn to make real-life financial decisions, such as choosing a career, buying a house, and saving for retirement. It'll help them understand the long-term impact of their financial choices in a fun way and learn to navigate life's unpredictability.

Pay Day

Pay Day is a money game designed for kids aged 8 and up, which simulates a month of work and expenses. Players roll the dice and move around the board as they stumble upon various financial situations. Your children will learn money management skills with concepts like balancing income and expenses, paying bills, and accumulating savings. 

Children's books for financial education

Want to help them develop their financial literacy along with their basic literacy? There are tonnes of books out there that are designed to make learning about money fun and accessible for even the youngest children. Check out some of these popular picks.

Picture books for kids ages 4 to 7

• The Berenstain Bears' Trouble with Money
  This one's a classic that you may remember fondly. Through the adventures of the Berenstain Bears, authors Stan and Jan Berenstain teach young readers about the importance of saving and spending wisely.
• The Money Tree
  This picture book by Sarah Stewart tells the story of a boy who learns about the value of money and the importance of saving and investing. It's a great introduction to financial concepts for younger kids.
• Alexander, Who Used to Be Rich Last Sunday
  They'll get a good chuckle out of this one — and so will you. This light-hearted story by Judith Viorst follows Alexander as he spends his allowance and learns the importance of budgeting and making wise spending decisions.

Books for children ages 8 to 11

• The Lemonade War
  This novel by Jacqueline Davies teaches kids about business, competition, and money management through a fun and engaging story about a lemonade stand competition.
• A Smart Girl's Guide to Money
  Part of the American Girl series, this book by Nancy Holyoke covers a range of financial topics, from budgeting to saving for big purchases.
• The Toothpaste Millionaire
  This classic story by Jean Merrill follows a young entrepreneur who starts a toothpaste business and learns valuable lessons about money, marketing, and business ethics.

Money guides for pre-teens ages 12 to 14

• Rich Dad Poor Dad for Teens: The Secrets About Money—That You Don't Learn in School!
  This book by Robert T. Kiyosaki is a teen-friendly adaptation of the bestseller Rich Dad Poor Dad, offering practical advice on financial literacy, investing, and building wealth. It's a great introduction to financial independence for teens.
• The Motley Fool Investment Guide for Teens: 8 Steps to Having More Money Than Your Parents Ever Dreamed Of
  This guide by David Gardner and Tom Gardner provides teens with the tools they need to start investing and managing their money wisely. It covers topics like stocks, mutual funds, and budgeting in an engaging and accessible way.

Financial education programmes with resources for parents and teachers

All tapped out of fun ideas for teaching kids about money? These websites provide a wealth of multimedia resources that'll get your creativity up and running again. Whether you're creating a lesson plan or just looking for some activities to do with your kids on a rainy Sunday morning, you'll find loads of interesting options here.

Money Heroes

Money Heroes is a free financial education programme developed by Young Enterprise in partnership with HSBC UK. It’s designed to give parents and teachers the resources they need to teach financial literacy to kids from 3 to 11 years old.

You'll find lots of interactive resources on this website, from e-books and podcasts to games and downloadable activities. There's a lot to explore, so check it out.

MoneySense

NatWest's MoneySense is another free financial education programme designed to equip parents and teachers. It provides financial literacy resources for children and teens between 5 and 18 years old, including games and interactive activities that teach money management skills.

The programme is curriculum-linked and accredited by Young Enterprise, offering both classroom materials for teachers and interactive workshops. With over 30 lesson plans available and positive feedback from teachers, MoneySense has become a valuable tool for schools across the UK.

Teach your kids money management skills with Revolut <18

Want to give your children the financial education tools they need? Sign them up for Revolut <18 and empower them with just the right amount of financial freedom.

With everything from their own custom debit card to in-app analytics and savings tools, they can start taking ownership of their money management early on. You decide what they're ready for, with customisable parental controls and spending insights that keep you in the loop.

Join 3 million families worldwide who trust Revolut, and teach your kids good financial habits through hands-on practice.

📚 Looking for more info on financial education and kids' bank accounts? Check out these articles.

How to teach teens about money
Guide to children's bank accounts
Best UK accounts for kids and teens

Sources

Beano Studios' 2020 study
Pigby's Fair
Savings Spree
MoneyPrep
Monopoly
The Game of Life
Pay Day
The Berenstain Bears' Trouble with Money
The Money Tree
Alexander, Who Used to Be Rich Last Sunday
The Lemonade War
A Smart Girl's Guide to Money
The Toothpaste Millionaire
Rich Dad Poor Dad for Teens
The Motley Fool Investment Guide for Teens
Money Heroes
MoneySense

Sources last checked on 4 October 2024.

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