Teaching your clients’ children about money is an essential part of their overall development. It is important that children understand the relationships between earning, spending and savings. By imparting this basic knowledge, advisors can help children understand the value of money.
However, while explaining these concepts it is important to introduce an element of fun. In this article, we have listed out the three easiest ways through which you can make financial learning fun for children.
A game can help increase engagement with the clients’ children and explain to them the concept of savings and money.
You can present a few board games to your clients’ kids like monopoly, business and stock market. These games will help children learn the concepts of buying, selling, paying rent and so on. Apart from board games, you can also suggest your clients to download online gaming apps such as Budget to help inculcate savings habit among their kids.
Reading books on finance is a great way to instruct kids about the importance of savings, earning and making smart money choices. Many storybooks like ‘Lemonade in Winter’ and ‘A chair for my mother’ introduce financial jargons in an interesting way by using funny characters. Children in the age group of 5 to 10 years can read these books to gain financial know how.
Advisors can also conduct financial literacy workshops for children. You can teach children about savings, earning and spending through role-plays and group activities.
Advisors can also approach schools and conduct special workshops to promote financial literacy among children. In these workshops, you can ask children to make charts and pictograms explaining various financial terms.
Apart from these fun hacks, advisors must encourage clients to talk about money with their children. This will help them understand the basic concept of money.