In today’s digital world, equipping children with financial literacy skills is more important than ever. Teaching kids about money helps them become self-confident, motivated and resilient. By instilling these principles early, we can help ensure they grow up to be financially responsible and independent adults. “Early education about money fosters responsible financial habits,” said Tony Kaska, CEO of Midwest Heritage. “Kids who learn about budgeting, saving, and the value of money are more likely to develop disciplined spending habits and a strong work ethic”.

Introduction to Financial Literacy for Children

Financial literacy involves understanding how money works and developing the skills to manage it effectively. Starting the conversation about spending, saving and investing at a young age can have a lasting impact. Early exposure to financial concepts helps children build a solid foundation for making informed financial decisions throughout their lives.

Age-Appropriate Lessons and Activities:

Early Childhood (Ages 3-5)

Introduce basic concepts like recognizing coins and the idea of saving with a piggy bank. Encourage saving for small treats to make the concept tangible and fun.

Elementary School (Ages 6-11)

Teach budgeting, differentiate needs from wants and introduce savings accounts. Show real-life examples, such as credit card interest, to illustrate financial responsibility. Use board games like Monopoly or online games or mobile apps that simulate financial decisions. These can make learning fun and interactive.

Middle School (Ages 12-14)

Help set specific savings goals and discuss the benefits of consistent saving. Encourage part-time jobs or allowances to adopt practical money management skills.  Teach them to track their spending and saving in a simple notebook, spreadsheet or digital app. This helps them see where their money goes and understand financial habits.

High School (Ages 15-18)

Introduce advanced topics like investing, credit scores and budgeting for larger expenses such as college or cars. Emphasize long-term financial planning and decision making. Involve them in family financial decisions where appropriate, such as planning a vacation budget or shopping for a big purchase. This can provide practical insights into financial planning and management.

Youth Banking Products and Tools (Under 18 years old)

Open a minor savings account with online banking and budgeting tools. These resources help children learn to manage money effectively from a young age. Create an online or mobile banking account to utilize our financial tools, including a visual budgeting tool.

Interactive Workshops and Resources (Ages 13 and older)

Utilize workshops, games and educational apps to engage children in learning about financial concepts in interactive ways. These resources make financial education enjoyable and accessible.