According to www.FinancialLiteracyMonth.com, Americans are over $2 trillion in consumer debt and 30% of consumers report not having extra money; thus making it impossible to avoid living paycheck to paycheck for some Americans. Some of these families living paycheck to paycheck have children that will see their financial struggle and may miss out on crucial financial skills they’ll need for their future.
Too many Americans are also insufficiently educated about personal finance. The National Financial Educators Council issued a 30-question National Financial Literacy Test designed to measure young participants’ ability to earn, save and grow their money. Fifteen- to eighteen-year-olds scored 61.24% out of 100% nationally on this financial literacy test in 2015. These results show the American youth is lacking basic financial skills and education.
As part of National Financial Literacy Month and National Credit Union Youth Month, celebrated in April, we’re sharing great ways to engage your child in developing their financial skills that are both educational and fun! Be your child’s “player two” in these financial games and help them level-up their financial literacy in a fun way your child can relate to.
Financial Football. Test your financial knowledge in this fast-paced, NFL-themed game developed by Visa. Answer a series of financial questions that will allow your team to move down the field to score touchdowns. This game is for ages 11 and up and parents may even learn a thing or two from it! Visa put together a handful of financial games available on their Practical Money Skills for Life Web site.
Celebrity Calamity. Help celebrities manage their financial life as they hire you to keep their budget on track. The goal is to keep the celebrity happy by making any required purchases on their behalf and maintaining a budget. Players will decide how purchases will be charged (via debit or credit card). Players will learn about credit card balances, interest rates, and minimum payments.
Hit the Road: A Financial Adventure. Choose your own character and career as well as two other friends and go on a journey to Colorado from Washington, D.C. In this game, players will learn to manage a budget by saving and spending their money wisely to complete several challenges along the way to Colorado for a ski trip.
Games and Activities from MyCreditUnion.gov. Choose from several financial games on www.mycreditunion.gov for ages 5 and up brought to you by the National Credit Union Administration. Match coins to earn money and decide how to spend it in building your own magical world in World of Cents. Fill-up your own piggy bank after answering coin trivia correctly in Break the Bank.
Financial Reality Fairs. Many of New Jersey’s school districts have partnered with local credit unions, the New Jersey Credit Union League, and the New Jersey Credit Union Foundation to bring financial Reality Fairs to students from 8th grade, through high school and into the first year of college. A Financial Reality Fair is a hands-on “game of life” that give students a real perspective of how much life can cost and a taste of how to budget within their means. Over 5,600 students in the state have benefitted from this program in the last 5 years. Has your child’s school district hosted a financial Reality Fair?
Your local credit union may provide financial education seminars teaching budgeting, saving, and other important financial literacy topics for FREE! Find a credit union near you by visiting www.bankingyoucantrust.com.