For parents who struggle with discussing finances children’s books about money can serve as a valuable resource . Reading together provides an opportunity to broach important topics including financial challenges such as job loss or affordability issues . But when is the right time to start? According to child development experts at the University of Cambridge children as young as 3 or 4 can understand the concept of money and its role in purchasing . By the ages 5 or 6 they begin grasping the different values of coins and by 7 or 8 they can comprehend concepts like credit cards .
Recommended Books for Younger Kids
The Berenstain Bears’ series by Sid and Jan Berenstain: The classic Berenstain Bears series offers several titles focused on money, making them suitable for children aged 3 to 7 . “The Berenstain Bears’ Dollars and Sense” teaches budgeting while “The Berenstain Bears’ Trouble With Money” highlights working, saving and avoiding greed .
“If You Made a Million” by David M . Schwartz: Geared toward 4- to 8-year-olds this award-winning book introduces money and counting concepts through the adventures of Marvelosissimo the Mathematical Magician . The book shows various combinations of coins and paper money .
Recommended Books for Older Kids
“Rock, Brock, and the Savings Shock” by Sheila Bair: Illustrated by Barry Gott this rhyming tale follows twin brothers Rock and Brock . After getting encouragement from their grandfather the brothers learn the importance of saving as Rock spends his money while Brock attentively saves it . The book highlights composite interest and includes a child friendly guide to its wonders .
“Finance 101 for Kids” and “Finance 102 for Kids” by Walter Andal: Aimed at middle schoolers that are aged 8 to 12 these books cover a range of financial topics including earning, saving, investing, credit, the stock market and basic economic concepts . The author’s goal is to equip children with essential financial knowledge to make smart decisions and develop financial responsibility .
“How to Turn $100 Into $1,000,000” by James McKenna, Jeannine Glista and Matt Fontaine: This book targets kids that are aged 6 to 12 who aspire to become entrepreneurs and millionaires . It covers financial goal setting, budgeting, saving, investing, earning money from a job and starting a business . The book emphasizes the importance of discipline and hard work when it comes to building wealth .
Empowering Kids with Financial Education
These childrens books about money offer engaging ways to introduce children to the world of money and financial responsibility . By starting conversations early and using educational resources parents can empower their children to make learnt financial decisions and develop lifelong money management skills .