The purpose of financial literacy is to support children’s future success and socialization. They get knowledge of how society’s economy functions and develop a proper outlook on life.

 Supporting children’s financial literacy benefits them in the following areas:

✅ Realizing that money is earned by labor and legal means. 

✅ Managing their money and saving it. 

✅ Avoiding unsafe financial schemes 

 A child should be able to shop by the time they are in elementary school and should know what the change is as well as how card payments work. This is essential, at the very least for purchasing their lunches at a school cafeteria.

1. Make it clear that everything has a price 

 Why do things cost that much they do? Make this clear and then decide what you need to do in order to purchase the things on their wish list. 

2.  Read financial literacy books with kids 

 Organize productive reading together. For example, “A Dog Called Money” by Bodo Schaefer. The main character is a Labrador who teaches the girl Kira how to understand money.  

 3. Play Monopoly 

 A fantastic way to teach planning and budgeting is to play the classic board game Monopoly (also known as Manager, Businessman, or Empire). “Monopoly” encourages development of economic thinking, goal-setting, and focus. 

 4. Download Famoty app 

Here you can give your kid tasks like going to the store with you, buying lunch at school, and even getting his or her own income by completing the tasks in Famoty!