Best Way to teach Financial Education for children using Games

Most children love to play board games and video games, thus this makes it easier to instill in them good financial skills. From this, Jenson was able to identify that play pedagogy can indeed promote the teaching of fundamental money concepts that include saving, spending and the process of barter exchange. These games also assist in the cultivation of problem-solving skills and strategic planning of the individual that is significant when it comes to money matters and individual finance. This extensive source considers different types of games to explain financial education, such as “The Game of Life,” “Monopoly,” and other ideas.

The significance of teaching children money-related information

Understanding about money is one of the basic skills that an individual should possess in life but which is not well cultivated in school. When children are kept informed regarding money matters at their tender age, they will not be able to make irresponsible decisions when they grow up. It was preferred that game-based financial education is not only entertaining but also relevant; it was relevant in the sense that examples used were real life situations which a child can grasp.

Advantages of using Games in the conveyance of Financial Education

Engagement: Games in general capture the attention of children and this makes the children to be more willing to learn.

Real-World Application: The lessons are linked to games that reflect actual financial processes, as it is necessary for children to develop abstract thinking.

Decision-Making Skills: Games, as a rule, imply an activity that involves problem-solving, planning and consequent decision-making, which is going to help to manage money.

Fun Learning Environment: Students would appreciate to learn more in an environment that does not put pressure or stress them in one way or the other.

Awaken The Money Board Games for Financial Education

Monopoly or Turista

Monopoly, or Turista as it is called in Mexico is one of the best selling educational games to develop financial literacy among the children. The goal of this game is to gradually purchase trunks of property as also to lease it out to other players with the sole aim of earning money. Every day, children are steadily being educated on such concepts as money, credit, trading, and repercussions of such activities.

Lessons from Monopoly

Debt Management: Players are able to purchase and then sell off properties and player, thus they learn the side of borrowing and lending.
Taxes: Occupying some areas forces one to pay taxes, proving that taxes are not immaterial aspects of individual’s life.
Investments: The game focuses on the advantages of the long-term perspective in stock investments and the importance of product diversification, especially in the sphere of real estate.

The Game of Life

“The Game of Life” is a game that seeks to mimic a person’s life right from being in a university to the time they retire. As in Monopoly, it has a bank and accounts with bills. While working, getting married, having children, and making investments, players are exposed to constantly arising random events that influence finances.

What we can Learn from The Game of Life

  • Work and Income: About the concept of earning income through various careers players gain some understanding.
  • Unplanned Expenses: It also poses a situation that requires extra expenses to be incurred that is a way of instilling the spirit of savings.
  • Debt and Loans: Borrowing for educational or any other purpose is a perfect example that puts more focus on the idea of debt.
  • Retirement Planning: This game indicates that one must plan for the future; the participant with the most number of assets when the player is retired will be the winner.


Catan is an economic strategy game in which the players construct settlements, roads, and cities and preform the trade of goods to expand a colony on the desert island with meager resources.

Lessons from Catan

  • Resource Management: Time, money, supplies and personnel are efficiently managed by the players.
  • Trading and Negotiation: One has to buy and sell or otherwise exchange with his counterparts in the game.
  • Economic Concepts: They realize what it is to produce, exchange, demand and do business.


“Payday” is one of the most well-known traditional board games that acquaint children with monthly financial functioning. Players go through a calendar month, finance themselves, pay bills and attempt to be as rich as possible by the last day of the month.

Lessons from Payday

  • Budgeting: Players realize from a gaming point of view, they have to manage their expenditure from the amount of money they receive in a month.
  • Unexpected Expenses: The game creates emergencies capital, where the necessity of an emergency fund is explained.
  • Income Management: Over a period of a month, the concept of income and expenditure is made more tangible through engaging players.

Cashflow for Kids

  • Implications drawn from the analysis of the scenario: The show Cashflow for Kids
  • Income and Expenses: The issue of money is introduced into the play and players are able to decide how to allocate their income as well as expenses.
  • Asset and Liability Management: The game made the candidates understand the various classification of costs, especially between the fixed and the
  • current.
    Investment Concepts: Players come to know about investing in the assets through which they can get regular incomes.

Video games in teaching personal finance.

The Sims

”The Sims” is a series of video games in which the player controls the life of an avatar and constructs/to controls his/her house. In essence, though it may not have been developed to assist in the teaching of financial literacy, it can easily assist in this course of teaching children how to handle money.

Lessons from The Sims

Budgeting: The food, clothes, furniture, weapons and many more are purchased by the players from the game money which they control for their characters.

Earning Income: Some of the activities involve in generating money are through working or profession and here student are taught about income and employment.

Business Management: Some of them enable players to form companies and include rudimentary concepts, such as business administration and economics.

Animal Crossing

“Animial Crossing” is Nintendo simulation game in which players reside in village, goes fishing, catching bugs, and collecting fossils to pay off their loans.

Lessons from Animal Crossing

Debt Repayment: The structure is designed in such a way that players borrow money to construct and renovate houses to learn the need to pay back debts.

Resource Management: The practical application includes processing of resources and decisions concerning finance to be made with the amount of money available.

Saving and Spending: To achieve the goals, it is sometimes seen that the fluidity of money changes and how much one spend and how much one saves are well mastered by players.

Lessons from Roller Coaster Tycoon

Budgeting and Planning: The park must have a fixed budget and it’s up to the player to properly plan the park’s financial to gain profits.

Investment and Returns: One learns how to invest in park attractions and facilities and the money that one gets from it.

Risk Management: An aspect of financial risk is identified as being learned by players in relation to operations of the park.

Stardew Valley

“Stardew Valley” is the game related to farming simulation where people play as farmers, and they are to grow crops, feed animals, and control the financial issues of the farm.

Lessons from Stardew Valley

Income Diversification: Players can then make income through other activities and thereby one gets to learn that the income can come in different forms.

Expense Management: The game refers to the management of the farm’s finances and the decisions that can be made concerning money.

Long-Term Planning: It is in Avadis that players start distinguishing between investing resources for short-term gains and longer ones that include even bettering on the farms.

Traditional games that were once played in childhood were utilised rather creatively in the series.

Thus, it does not necessarily mean that one needs to look for a particular game with financial aspects, as even chess or Jenga possesses financial literacy skills.


Chess also introduces the child to such aspects as planning and thinking that are so useful in financial affairs.

Lessons from Chess

  • Strategic Planning: Strategy is to some extent similar to budgeting in that the players are trained to think a number of turns ahead.
  • Risk Management: Chess has aspects of estimating certain risks and being able to make decisions.
  • Resource Allocation: A player is the person who plays the game and to be specific, he or she is in charge of his or her pieces and resources in order to win the game.


It can be also useful when children are learning about how risks are managed and having an emergency fund is important.

Lessons from Jenga

  • Risk and Reward: As with financial choices, the players get to decide on whether it is safe to remove the blocks or not.
  • Stability and Reserve: The game has focus on the stability, like when people have some money to save in a bank.
  • Decision-Making Under Pressure: It promotes the concepts such as the players remain alert and handle their strategies under tension.
    Everyday Activities

In other words, try to use your creativity as much as possible in order to look for educational moments in different occurrences of your day. Further, bank type activities such as SOPs for basic role-playing games such as shopping, use of money, or mini activity involving use of money which may be as small as pocket money, help develop financial literacy.

Role-Playing Scenarios

Grocery Shopping: Children can be given roles of a cashier, guard, store attendant and others; children are to be given a specified amount of money and a list of items and prices and asked to open a store.

Allowance Management: Basically, give children pocket money with an understanding that they will also save the cash , spend part of it and even plan the use of the cash money.

Family Finance Meetings: Employ in family finances considerations so that the kid will be able to relate to real world issues.
Including Financial Education in One’s Daily Routine

Thus, it is possible to conclude that it is useful to use games as a tool to educate people about money matters and, at the same time, it is also necessary to introduce the elements of such education in everyday life.

Here are some strategies to integrate financial education into everyday activities:

Practical Money Management

Saving for Goals: The following tips can be more helpful in inspiring children to save money: Make up children’s minds to save for something; it can be a toy, or a trip.

Earning Money: Ensure children can earn money through doing some chores that are assigned to them or some paid jobs for kids.

Tracking Spending: Encourage children to be able to account for their finances where they have to justify their spending.

Financial Literacy Resources

Books and Articles: They should give the children books and articles on money that are appropriate for their age.

Educational Videos: View videos on finance related matters and then share their understanding of what was perceived from the videos.

Workshops and Classes: Attend finical literacy programs for children such as classes or workshops.

Real-Life Financial Experiences

Bank Visits: It involves taking school going children to the bank to open an account and general teaching on how the banking system works.

Budgeting Activities: Let children participate in budgeting of money for excursions or any event.

Investment Simulations: To get the children familiar with investing and stock markets, use the online investment simulators.


Card games and arcade games are entertaining methods to help kids learn about the financial operations. From Monopoly to The Game of Life through Catan and The Sims one learns various valuable concept s related to cash, planning, sparing, and, in general, decision-making. Other everyday games such as chess and Jenga also have a lot of financial lessons to teach. Thus, including these games in the playtime of the child will give them proper grounding in the necessary personal finance education necessary to live a financially sound life.

It is recommended to continue the financial literacy games’ lessons in everyday life through the use of real-life scenarios and money management, as well as the utilization of games and other tools aimed at making individuals more financially informed. It is important to always actively and directly assist and monitor them while they learn so that they good understand application of these concepts in daily lives. In this case, there are certain procedures and approaches that, when applied with support from the right sources, you can ensure that your children are capable, responsible, and ready to handle money on their own.

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