30 October 2020

Some tips and games to teach your children about money and how to save

2:00 Min

Games are a great way for your children to learn how to deal with money. When they are young they can pretend they work in a shop and use a fake cash register; as they get a bit older they can pretend to work in a bank.

Role models

Children normally observe their parents and adapt their behaviour to imitate what they see. Here are some useful tips:

  • Plan and discuss major purchases with your child. Instead of simply saying, “we cannot afford this,” explain to your child why you can’t buy something.
  • Always shop with a list and let your child know that you will only buy items from that list. Explain that not every visit to the shops is to buy a treat or toy.
  • Review supermarket leaflets with your child, compare offers, and find the best deals.

Open their own bank account

Opening a dedicated bank account will help your children understand money, teach them how to save up and develop their financial behaviour from an early age.  Personalised accounts give children an adequate degree of financial independence and responsibility, while offering parents enough control.

The ‘Euro Game’ for children

The Council of the European Union has developed a short quiz and game to teach your children some of the basics about the euro, the EU’s official currency used in 19 out of the 27 member states.

Put your kids to the test with this game, available in 24 different languages, and see how much they know about the currency that, after a long preparatory path of over 40 years,  was introduced in 2002.

Other money games and apps you could try

  • 11 money games for kids to develop their financial skills: look at this list of interesting and free games to try at home
  • 10 money apps for kids: from pocket money management to financial education, have a look at this list