Financial Literacy in Home Education: Useful Resources to Get You Started
Choosing to home educate regardless of where you live in the world, is a huge responsibility.
Add to this the requirement to ensure that the child / children emerge from the home education process financially literate, and it can start to feel rather overwhelming very quickly, especially if we don’t feel particularly well-informed in that area to start with.
Thankfully, we are not alone.
There is an ever-growing body of resources available to us to help navigate these tricky waters, and I’ve collected a few of my favourites below to get you started.
Whether you’re a homeschooling parent-teacher or simply a caring mom or dad, you have a fantastic opportunity to give your children valuable lessons they might not find in a regular classroom.
It won’t be an easy ride, but it’s soooo worth it!
Why do we need a Financial Element to Home Education?
There are so many money lessons I wish I had learnt when I was a child.
How to save, how to invest, how exchanging time for money is NOT the route to real wealth and, of course, the magic of compound interest!
We all want our kids to have a better start in life than we didone , so regardless of how old they are, I really hope that you find a few key informational nuggets in this article that will help you to set them on the right path.
I’m sure you already know how introducing monetary literacy in the home is crucial, it can help children understand investments budgeting, and provide them with the life skills that will prepare them for the future and help them navigate the world around them (probably far better than we did!)
It’s like giving them a superpower that so few of us have to make smart choices with their money.
NOTE: if you are in the UK – check out the money-saving expert First-ever financial education textbook across the UK.
Homeschool Financial Literacy – 5 of the Best Resources
This article from “How to Homeschool” emphasises the importance of financial literacy for homeschoolers, providing resources to help children learn essential money management skills.
It mentions that in today’s changing financial landscape, being financially literate is crucial.
The post recommends two resources: Biz Kid$ and AE Money Quests, for elementary, middle, and high school levels to impart financial literacy.
Biz Kid$ is an Emmy Award-winning television series, while AE Money Quests offers curriculum-ready books and an educational game called “Key to the Front Door” to make learning about money management fun and engaging.
Likewise, this article from D’Angelo & Easton underscores the importance of introducing financial education to children at a young age, starting at home.
It suggests having regular family discussions about money to break the taboo surrounding the topic.
The post covers various ways to explain the concept of money and budgeting to kids, the benefits of giving children an allowance, and the importance of understanding the difference between needs and wants.
It concludes by emphasising that financial knowledge should be a key element in a learning system as it prepares children for a financially stable future.
Every child is different, we know this, but this age-by-age guide from Parents.com on teaching kids about money, emphasising that it’s a task parents can undertake daily, is really useful.
It suggests turning everyday activities into learning experiences and provides specific activities for different age groups.
For instance, it recommends playing the coin identification game for ages 2 and 3, engaging in comparison shopping for ages 9 to 12, and introducing the stock market for ages 13 to 15.
The post also touches on the importance of charity as a money lesson and introduces financial tools like stored-value cards for older teens to practice financial responsibility.
4. Tips for Teaching Financial Literacy in a Homeschool Environment
This blog post by Melinda Opperman on Credit.org discusses the importance of teaching money management to children at home, especially during the COVID-19 pandemic when many parents have taken up homeschooling.
The article breaks down the financial literacy lessons into broad categories such as Earning Money, Spending Money, Saving Money, Borrowing Money, and Security, and further subdivides these categories based on different age groups (4-8, 9-14, and 15-18).
The post provides a variety of practical exercises, resources, and discussions to engage children in understanding money management from a young age. It covers basic concepts like what money is, to more complex topics like investing, credit scores, and online security. The article also provides additional resources and links for further learning and support.
- Early Financial Exposure: How does early exposure to the concepts of money prepare children for real-world financial responsibilities?
- Parental Role: What role do parents play in shaping their children’s financial behaviours and attitudes?
- Adaptation to Digital Finance: In a world rapidly shifting towards digital finance, how can parents ensure their children are well-versed in online financial security and digital money management?
Links for further exploration:
5. Should Financial Literacy be Taught at School or at Home?
This post is perhaps more helpful if your children are in a mainstream school, but you want to support their financial education in the home.
This blog post on The Money Pages discusses the ongoing debate on whether this subject should be taught at school or at home.
It highlights the importance of financial education in helping individuals make informed decisions regarding money management, savings, and investments.
The article suggests that both schools and parents have crucial roles to play in imparting this knowledge base to children.
The post mentions that schools can provide a structured curriculum to teach the basics of management, savings, budgeting, and understanding financial products.
It also suggests that schools are an ideal platform for teaching this as they can provide a neutral and structured environment for learning.
Moreover, incorporating financial education into the school curriculum can ensure that all children, regardless of their background, have access to essential financial knowledge.
On the other hand, the article also emphasises the role of parents in teaching money management to their kids.
It mentions that parents can provide practical lessons on money through real-life experiences.
Parents can teach children the value of money, budgeting, saving, and spending wisely through everyday activities and discussions.
The post suggests that parents have the opportunity to instil good financial habits in their children from a young age.
Furthermore, the article mentions that financial education should not be limited to just schools or homes but should be a collaborative effort.
It suggests that schools can provide theoretical knowledge while parents can supplement this education with practical experience.
The post also mentions the role of financial institutions and the government in promoting it.
In conclusion, the article stresses the importance of financial literacy in today’s world and suggests that a combined effort from schools, parents, and the wider community can ensure that individuals are well-equipped to manage their finances effectively. Through a well-rounded financial education, individuals can make informed decisions that will benefit them throughout their lives.
These summaries provide a glimpse into the different approaches and resources available for teaching children about money, highlighting the importance of starting this education at a young age and continuing it as children grow.
The current state of finacial Education for Kids & Teens is less than optimal, and it’s up to us as parents and carers to give our kids the tools they will need to survive in the financial world.
Check out Etsy…
Outside of homeschool and formal education, various ways exist to support and enrich a child’s learning experience.
Etsy offers various educational materials, from printable worksheets to interactive lessons.
These means can supplement a child’s learning and provide fun activities to reinforce their learning in school.
You can explore educational downloads on Etsy here.
Also, it is worth reading this article by a cross-party group of MPs that calls for adding financial education to the primary national curriculum and providing investment and support for teachers and schools.
Amazon Books for Younger Kids and HomeSchoolers:
Gemma’s Shopping Adventure
Join Gemma in “Gemmas Shopping Adventureing Adventure” as she learns valuable lessons in economics. Gemma achieves her savings goal but faces a dilemma when she realises she can’t buy everything she wants.
With her mom’s guidance, she makes a choice that teaches children about saving, spending, and critical thinking. This heart-warming story instils an appreciation for budgeting and problem-solving as homeschoolers.
The Everything Kids’ Money Book
“The Everything Kids’ Money Book” Helps children understand money’s importance as homeschoolers and become financially responsible. It covers topics from creating coins and bills to credit cards and investing. This comprehensive guide empowers kids with essential financial knowledge, making complex concepts accessible. It’s a valuable resource for their financial learning journey.
These resources can provide children with additional learning opportunities and entertainment that align with your goal of making education accessible and enjoyable. Encourage parents and caregivers to explore these options to complement their child’s and foster a love for learning.
YouTube Channels For your Kids’ Financial Curriculum
LearningMole is a valuable educational YouTube Kids finance literacy channel dedicated to providing interactive and practical video resources and guides for children of all ages. Whether you’re a school educator or a parent engaged in homeschool curriculum, this channel is tailored to meet your needs. They offer various educational videos to simplify complex concepts, making them easily understandable for elementary and primary school students.
Learn Bright delivers educational videos that combine fun and engagement with accurate and thorough topic coverage. Their content is meticulously designed to support parents involved in homeschooling and educators in traditional classrooms. The channel we suggest aims to provide high-quality, enjoyable educational means that make learning a rewarding experience for children.
Best Podcast to Teach Kids About Financial Literacy
Podcast 1: Teaching Kids Financial Literacy with Daymond John
In this engaging podcast, children embark on a literacy journey alongside Daymond John, a renowned entrepreneur and investor known for his role on the television show “Shark Tank.” Geared toward kids, this podcast breaks down complex financial concepts into easily digestible lessons. Daymond John’s charismatic and relatable approach makes learning about money fun and exciting for young listeners.
Through episodes, kids will explore topics like saving, budgeting, and the value of hard work. Daymond John shares personal anecdotes and practical tips to help children grasp the fundamentals of financial responsibility. This podcast empowers kids with the knowledge they need to make informed financial decisions and sets them on the path to economic learning and success.
Podcast 2: The SEVEN Things You NEED To Learn for Your Financial FREEDOM
“The SEVEN Things You NEED To Learn for Your Financial FREEDOM” is an informative and entertaining podcast designed to teach for grade 5 to 8 kids essential financial skills. This podcast breaks down seven fundamental consumer principles that are crucial for achieving financial freedom in the future.
Young listeners will explore learning, saving, investing, and giving back concepts. Each episode focusses on a specific aspect of financial mastery, providing practical guidance and real-life examples to help kids understand the importance of managing money wisely. The podcast encourages children to develop a healthy relationship with money and empowers them to take control of their financial futures.
Both of these podcasts offer valuable lessons in financial literacy tailored to kids, making the often complex world of finance accessible and enjoyable for young listeners.
Teaching Kids about Household Budgets and Saving
Teaching children about budgeting and saving is essential in developing their financial management skills.
It helps them develop good money management skills and prepares them for a successful financial future.
This section will cover two essential aspects of building financial responsibility: creating a budget and saving and investing.
Creating a budget is a key skill at any age.
Creating a financial plan is the foundation of sound financial management.
It involves tracking income and expenses to ensure that money is spent wisely and aligned with financial goals.
For younger children, start by introducing the concept of money and its value.
Teach them the difference between needs and wants and discuss the importance of choosing with limited resources.
As they get older, it’s highly beneficial to provide them with an allowance and help them create a simple financial plan to allocate their money towards different categories such as saving, spending, and giving.
For older children and teenagers, help them track their expenses and income using online tools or budgeting apps.
In addition, Kiplinger offers a list of 10 apps that can help kids learn about earning, spending, saving, investing and donating money.
The apps are suitable for kids ages 7 and up, covering budgeting, goal setting, coin counting, etc.
Encourage them to set financial goals.
- Encourage them to set financial goals such as saving for a specific purchase or working towards long-term goals like college or a car.
- Teach them to prioritise their spending and make informed decisions about allocating their money.
- Saving and investing are also crucial aspects of financial responsibility.
- Teach children the importance of saving money for emergencies or future expenses.
- Encourage them to set aside a portion of their income or allowance towards savings.
- Help them open a savings account and explain the concept of interest and how their money can grow over time through compound interest.
One of the best podcasts for teaching this subject to kids is Smart Money Parenting, hosted by Scott Donnell, the best-selling author of Value Creation Kid: The Healthy Struggles Your Children Need to Succeed. The podcast features interviews with experts, parents, and kids on how to raise financially savvy and responsible children. It can also help them set financial goals right away!
As children get older, introduce them to the concept of investing. Teach them about investment options such as stocks, bonds, and mutual funds. Explain the risks and rewards associated with investing and the importance of diversifying their investments. Encourage them to start investing early and regularly to take advantage of the power of compounding.
Lead By Example
In addition to teaching budgeting and saving, it’s essential to lead by example.
Children learn by observing their parents’ financial behaviours and attitudes towards money.
Show them responsible management of their money by budgeting, saving, and making informed financial decisions. Involve them in family discussions about money and include them in financial planning and decision-making when appropriate.
How To Encourage Financially Literate Communities by Forbes discusses how to foster a culture of better money mindsets in your community and organisation. It also shares some examples of how to lead by example in Money literacy, such as establishing a company purpose, creating a financial wellness program, and supporting local initiatives.
Parents can instil good financial habits that will benefit them by teaching children about budgeting, saving, and investing from an early age.
These skills will help them make sound financial decisions, avoid debt, and achieve financial goals.
Personal Finance For Teens In Creating A Budget
Creating a budget is an essential part of managing their money. It involves tracking your income and expenses and planning how to spend your money.
Here are some tips for creating a budget:
- Start by tracking your income and expenses. This will help you understand where your money is going and identify areas where you can cut back.
- Make a list of all your expenses, including fixed expenses like rent or mortgage payments and variable expenses like groceries and entertainment.
- Set spending limits for each category of expenses and stick to them.
- Use budgeting tools and resources to help you stay on track. There are many free resources available online, including budgeting apps and templates.
In conclusion, teaching financial literacy in home education is crucial for children to learn how to manage money and make smart decisions.
Educating kids about financial budgeting means understanding how to budget, invest, and pay bills on time.
Parents can use simple strategies to teach their children about the value of money and how to manage it, such as talking about buying and selling, using age-appropriate finance apps, reading books about money and finance, and playing board games that involve money.
Money-expert share some of its First-ever financial education textbook across the UK. These books could be the best choice for your kid’s financial planning in home education. These are worth checking!
Fiscal knowledge should be introduced to children early to build a foundation for more complex ideas later. It is important to instil financial awareness in children from a young age, as it will benefit them currently and set them up for a successful financial future.