Board Games that Teach Financial Literacy to Your Kids
Reading Time: 9 minutes 
Money, how are you going to teach your children to want to spend it responsibly?
We have been doing a series on children and financial awareness. The first one was the Pro’s and Con’s to Allowance, the second was Money Managing Apps for Kids to Teach Financial Responsibility, today is the last article: Board Games to Teach Fun and Financial Awareness for Kids.
I talk about board games a lot. Our family has been playing them since the boys were little and I have personally seen the benefits. However, I have a list for you, if you are not yet a “convert.”
What can board games teach your child?
Social skills: Board games teach children how to take turns, follow rules, and interact with others in a respectful and friendly way.
Math and logic skills: Many board games involve counting, adding, subtracting, and strategic thinking, which can help children improve their math and logic skills.
Language and literacy skills: Games that involve reading and spelling can help children improve their language and literacy skills.
Critical thinking: Board games require players to think critically and make decisions based on available information, which can help children develop their problem-solving and decision-making skills.
Planning and strategy: Many board games require players to plan and strategize their moves, which can help children develop their planning and strategic thinking skills.
Patience and resilience: Board games often require players to wait for their turn and deal with setbacks and challenges, which can help children develop patience and resilience.
Creativity and imagination: Some board games involve storytelling and imagination, which can help children develop their creativity and imagination.
Remember, children are learning these valuable skills and lessons while having fun, playing games. These are the best kind of lessons a parent can teach, in my opinion.
In addition to what your child can learn from board games, game play also benefits us in many ways. According to research board games can have a positive impact on cognitive, academic, social, and emotional development.
The positive impact board games have on us.
Improved cognitive skills: Playing board games has been found to improve cognitive skills such as memory, attention, and processing speed. A study published in the journal PLOS ONE found that playing board games improved cognitive performance in older adults.
Improved academic performance: Playing board games has been linked to improved academic performance in children. A study published in the Journal of Educational Psychology found that playing board games improved math skills and cognitive development in young children.
Improved social skills: Board games can help children develop social skills such as communication, cooperation, and problem-solving. A study published in the Journal of Applied Developmental Psychology found that playing board games improved social competence in preschool-aged children.
Reduced stress and anxiety: Playing board games has been found to reduce stress and anxiety. A study published in the journal Frontiers in Psychology found that playing board games reduced stress and increased relaxation in adults.
Increased creativity: Playing board games that involve storytelling and imagination can help increase creativity. A study published in the journal Creativity Research Journal found that playing board games that involved storytelling improved creative thinking in children.
I look at these benefits and think of many of the “societal ills” we are currently facing. Many people are talking about increased dementia rates, a frustration for not knowing how to help their children improve in school without “more homework,” how the “younger generations” do not know how to interact face to face, and the alarming numbers of our children who experience depression, stress, and anxiety. It sounds too good to be true. It sounds so simple, but getting out board games has been found to alleviate these issues.
Have I convinced you that board games are important? I hope so!
Why should you teach your child about money? They will “pick it up” right?
Research has been done to figure out who has healthier spending/saving habits and why. This is what they have found out:
Better financial decision-making: Studies have shown that children who learn about money management at an early age are more likely to make better financial decisions later in life. They are more likely to understand the value of money and budget their expenses, which can help them avoid debt and financial trouble.
Improved savings habits: Children who learn about money early on are more likely to develop good savings habits. They are more likely to set aside money for emergencies, retirement, and long-term goals, which can help them achieve financial stability in the future.
Increased financial literacy: Teaching children about money can help improve their financial literacy. They can learn about financial concepts such as budgeting, saving, investing, and debt management. This knowledge can help them make informed decisions about their finances.
Better communication skills: Discussing money with children can also help improve their communication skills. They can learn how to express their thoughts and feelings about money and learn to negotiate and compromise.
Reduced stress and anxiety: Financial stress can have a negative impact on mental health. Teaching children about money can help reduce stress and anxiety by providing them with the knowledge and skills to manage their finances effectively.
These findings show that teaching children about money is important for their financial well-being and can have long-lasting positive effects on their lives.
Why should you use board games to teach financial literacy to your children?
You are not teaching: The number one reason you should use a game to teach…anything is because, as a parent, you are not put in a position of having to “teach” anything. How often have you heard, “When I say it, no one listens, when someone else says it, it is a fabulous idea.”? You are not teaching, you are all playing a game. Seriously, I would go down my proverbial list of “things I have to teach my kids as a parent” and see how many I can “check off” using games.
Engaging and Fun: Board games can be a fun and engaging way to learn about money. By incorporating game mechanics, players are more likely to be interested and invested in the topic at hand. This can make the learning experience more enjoyable and help retain information better.
Hands-On Learning: Playing a board game allows players to actively engage with the material, which can help with retention and understanding. Players can learn through trial and error, and they can see the consequences of their actions in a safe and controlled environment.
Simulate Real-Life Scenarios: Many board games that focus on money management simulate real-life scenarios, such as managing a budget or making financial decisions. This can help players gain practical experience and prepare them for real-life situations.
Collaborative Learning: Board games can be played with multiple people, which can encourage collaboration and communication. This can lead to group discussions and can help players learn from each other.
Which board games are best to teach financial awareness for kids?
We are finally getting to the meat and potatoes of this article! First I wanted to convince you of how important board games are for teaching your kids financial literacy. Here is a list of games that are great to get those conversations started:
Exact Change: This is first game I would start with. It works very much like Uno. The biggest lesson to this game is teaching children to recognize coins and their value. Children also learn how to make change, using the values in their hands.
Ice Cream Empire: I am well aware that Monopoly is a “money” game. To me, it is a defeating game. One person gets ahead and the rest of the people just keep going…and going around the board until they finally lose. Ice Cream Empire teaches entrepreneurship, supply/demand, inflation, investment vs. growth, and costs of ownership in a way that kids as young as 8 can understand.
Pay Day: an oldie but a goodie! A game, no matter how many great lessons, is simply useless if the kiddos do not want to play it. Pay Day is fun. It can be tailored to whatever your time table is. You decide at the beginning of play how many months you want to play. This will decide how long your game will last. The lessons learned are monthly income vs expenses (money management), loans and interest, and risk assessment.
Life: another classic! This game is all about the consequences of your actions. Consequences are not always bad, however, we should think about them. For example, having children, is a wonderful thing, but there are added expenses. I have seen people complain that there are no “second chances” in this game. Seriously, play again and try another outcome! Kids usually love this “let’s pretend we are grown ups” game.
The Entrepreneur Game: This game is for ages 12+. Players are making decisions about the business they chose in the beginning, a brick and mortar or a home based business. This game is STEM approved. Players will learn: financial management, business building skills, decision making, marketing and branding, communication, negotiation, and investing.
Cashflow: This is a favorite in our home. There is a Cashflow Kids version, we have never played it. Cashflow is recommended for ages 14+. This game was developed by Robert Kiyosaki, who wrote Rich Dad, Poor Dad. What I love about this game is it shows very clearly how our finances work when we “just survive” or, as the game puts it, are in the rat race. It also shows little investments we can make along the way to grow our wealth substantially. No one wins the lottery, in this game, it takes time, willpower to stay away from “fun purchases,” and good investing or smart purchases. This game teaches personal finance skills, investing, and when to buy/sell stocks.
Board games can be a fun and effective way to teach kids about financial literacy. By simulating real-life financial decisions and providing hands-on experience, kids can learn important money management skills that will serve them well into adulthood. The best part…you are teaching one of the many “parenting lessons” you need to teach and it is painless for you and the kids don’t realize they are being taught!
There are many other board games to teach financial literacy to your children. These are the ones I really like. I did look for a great board game to teach the basics of crypto currency and I could not find one. Understand, crypto is not something I have knowledge of, however, I wanted to provide a thorough article. If you have one you recommend please include it in the comments and say why you like it and what it teaches!
“Praise the Lord, and pass the tax rebate.” Friar Tuck in Robin Hood