Since children generally have a hard time understanding abstract concepts, it's best to use concrete examples when it comes time to learn about economics and finance.
Laurence, a psychology professor and founder of the Parent qui apprend platform, suggests starting with simple concepts, for example by showing children real bills and coins, letting them handle the money and teaching them the value of each coin. Also take the time to talk with them about how we get money and how we use it, and encourage them to ask questions.
To make learning more fun, you can also play games like Monopoly, which is a great way to introduce money management, payments and saving. Our General Store also offers a hands-on way to ease into finances, since kids can earn tokens to trade in or save up for bigger rewards.
You can also take educational outings to places like banks and let kids complete transactions when you're out shopping. Take the time, too, to teach older kids the real value of money by linking chores to different pay levels and talking about the time and effort it takes to earn money. Encourage them as well to save up for things they want, by depositing money in a bank or tracking their savings in a notebook or an Excel spreadsheet.
Finally, it's important to answer children's questions and break the taboo around talking about money, so the subject isn't avoided forever. A gradual, interactive approach to economics and finance will help children develop essential financial skills for life!
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