4 Ways to Make Learning About Money a Blast

Forget about workbooks and flash cards. Financial-themed videos, grocery store games and even escape rooms can be a better way to teach kids about money, according to the latest thinking from financial literacy experts.

“A lot of traditional curriculums were about the numbers,” says Noel Wilkinson, a program coordinator for the Take Charge America Institute within the Norton School of Human Ecology at the University of Arizona.

That can be a turn-off for some students.

“That led me to involve more play and gamification into workshops,” he adds, which led to greater engagement and, as a result, more learning.

Here are a few ways to make learning about money fun — and more effective:

“I’m a big believer in experiential learning,” says Jessie Jimenez, an accredited financial counselor in Oregon and founder of the website Cashtoons.com, where she makes engaging videos about financial topics.

In other words, learning by doing — such as practicing buying items on a budget at the grocery store or keeping money safe while you shop. While it might be nerve-wracking to watch your kids handle real money, those kinds of experiences can actually help them learn.

Jimenez says she grew up feeling like she was not a “money” person or a “numbers” person, and it was only after she became a mother that she started focusing more on financial literacy.

“I thought, ‘How did I get this far without being taught personal finance management? Where is the resource for those of us who don’t want to listen to podcasts about investments?’”

The answer, she discovered, was that she had to create those types of experiences that allow kids to experiment with financial management on their own.

“It’s all about encouraging parents to learn through play with kids,” he says.

You could play “price detective” where you each try to find the best deal to save money on a specific item, for example, or you could play “restaurant” at home where your child takes your order and sets prices.

“Play creates a safe environment where you can make decisions and choices that don’t affect us in real life,” Wilkinson says.

You can experiment with choices and outcomes without fear, he adds.

Teenagers can graduate to more advanced games. Wilkinson and his team developed an escape room for teenagers in Arizona where they finish a budget for a character in order to solve a puzzle and get a key, for example. Even something simple like tracking savings visually on a chart posted in the kitchen can make the process seem more fun.

“The concept of gamifying learning in general has become widespread,” Wilkinson adds.

Video games like Animal Crossing, Railroad Tycoon and Atlas:Earth can also help teach teens and young adults about personal finance.

Buying digital real estate parcels in Atlas:Earth, a virtual real estate game, gives you hands-on insight into value and scarcity, says CEO and co-founder Sami Khan. Players can also earn cash back for various actions.

“The time between 20 and 30 is an important decade for compounding, so it’s important for people to learn about money early,” Khan says.

Whether you’re trying to teach price comparison at the mall or explain how kids can use their allowance, Jimenez says one key is to avoid calling the process “learning.” Instead, it should just feel fun, whether it’s a casual conversation in the car or a shopping trip.

“Don’t announce, ‘It’s time to learn!’” Jimenez cautions. “That turns it into a chore.”

She also suggests giving yourself some extra time for the shopping trip if you’re going to let your kid help you hunt for bargains.

“It takes a little longer and you have to be open to that,” she says.

Part of financial literacy is simply learning to explore your own feelings and habits when it comes to money, and learning to be intentional instead of impulsive about decisions, Jimenez says. Kids can learn those skills from talking to you and watching you in your own life.

Try talking out loud when making purchase decisions or opening bills and discussing what they mean. Explaining big purchase decisions like cars and vacations can also help with comprehension.

Wilkinson says some kids may be more drawn to learning through books and storytelling while others prefer video games, practical exercises at the store or a budget-themed escape room. One key to learning, he says, is to embrace the method that works best for you and to acknowledge that everyone is coming from a different place.

“Some folks just don’t have experience with financial literacy. Maybe they didn’t grow up in a household where parents talked about investing or building wealth,” he says.

In those cases, adults can learn alongside their children through books, games and other experiences.

“Even as adults we benefit from involving play in learning,” he adds.

With these fun approaches to learning about money, kids might become “numbers” people without even realizing it.