If you’re looking for a memorable gift for a child that will keep on giving, why not give the gift of financial literacy? You could do this in many ways, even giving them a classic board game such as Monopoly.Financial literacy will be appreciated not only today, but also years down the road.Here are some tips for giving the gift of financial literacy:
For kids aged 7 to 12: Give games
Board games such as Monopoly provide great doorways into the discussion of money, says Gordon Pape, co-author (with his daughter, Deborah Kerbel) of Money Savvy Kids: The best ways to teach your children about money for a strong financial future, “They provide teachable moments, where kids can learn about taking risks in finance, even if it’s with play money. They also learn that sitting on the most cash doesn’t mean you’ll win the game and that taking risks and trading,can pay off for all the players involved.”
For older kids in this group, between the ages of nine and 11, you might consider a more complicated board game such as Settlers of Catan, which involves building colonies, cities and roads by obtaining and trading resources and materials such as bricks, lumber, wool, grain and ore.
For tweens or teens: Give an allowance on plastic
An allowance on a reloadable, prepaid card such as an Octopus Card makes a great gift and helps to teach kids financial responsibility. “You can give them a prepaid card with an extremely limited amount on it,” she says. Unlike traditional credit cards, prepaid cards offer access to cash that already belongs to the cardholder, rather than allowing the cardholder to borrow money for purchases -- but they can be used like credit cards in the sense that you don’t have to carry around wads of cash in your pocket.
Olivia Glauberzon, November 09, 2016, Giving the gift of financial literacy Read the article.
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