Phillips strongly encourages teaching children the value of a dollar. “I recommend the GISS method,” she explains. “Give, invest, save, spend. Part of their allowance is to give, part is invested, part is saved, and part is theirs to spend as they wish.” Helpful resources Alongside youth-focused financial programs like Henske’s and Phillips’s, banking institutions throughout the U.S. are getting on the bandwagon to offer very accessible teaching aids to help kids of all ages improve their financial acumen. One example is the FDIC’s “Money Smart for Young People” series, which consists of free, downloadable modules that cover pre-K through high-school-age children. Each age- appropriate curriculum includes lesson plans for educators along with guides for parents and caregivers. Overarching the FDIC’s Young People series, its “Money Smart for Young Adults” curriculum is aimed at youth ages 12 to 20, guiding them through the particulars of handling their money and finances. This comprehensive tool includes the important lesson of teaching children how to create positive relationships with financial institutions. Each of the eight instructor-led modules includes an instructor guide, participant guide, and PowerPoint slides. Likewise, the American Bankers Association (ABA) recently celebrated 25 years since it launched its popular “Teach Children to Save (TCTS)” program. TCTS offers ABA member banks and their clients the opportunity to help people of all ages develop the knowledge, tools and capabilities they need to make informed decisions throughout their financial lives. At its essence, TCTS gives young people the tools and inspiration for a successful financial future. Model good behavior When it comes to the importance of teaching kids about money, financial expert and journalist Cameron Huddleston sums it up it as well as anyone. Writing in Forbes magazine, she says, “If you want your children to develop good spending and saving habits, they need to see you making smart spending and saving choices. In short, [parents must] practice what [they] preach. And preach with consistency. Educating your children about personal finance is a process that can take time. But if you put in the effort and continuously communicate a clear message about money, you will instill good habits that will serve your children well.”
Money books for kids In addition to the programs cited, there are a number of highly recommended books to help children learn some important concepts about managing their finances.
YOUNG CHILDREN
“The Berenstain Bears’ Trouble with Money” by Stan & Jay Berenstain “Money Hungry Monkey” by Paul Peters
“One Cent, Two Cent, Old Cent, New Cent: All about Money” by Bonnie Worth
“If You Made a Million” by David M. Schwar
OLDER CHILDREN
“101 Ways to Bug Your Parents” by Lee Wardlaw “Room One” by Andrew Clements “The Get Rich Club” by Dan Gutman
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