An important part of financial literacy is teaching the children about financial inclusion. This involves empathy with the less fortunate and understanding the value of items that we take for granted in our daily lives.
The game involves teaching the student to survive in a low income family setting that lives paycheck to paycheck. The critical decision making required at each step teaches the student the importance of sound financial planning in case of paucity of resources and the opportunity cost of each decision. Online financial games work best when they are supplemented with economic lessons in the classroom to allow for an all round understanding of finance to the students.
Some understanding of the assets and liabilities on the balance sheet can help the student make critical decisions while playing the game as well familiarize themselves with the consequences of their selected actions. Have a fixed time allotted to play the game and maintain a disciplines stance over it. Observe the financial behavior of adults around you and ask them questions on how they manage their finances. You may get a sound tip or two from the experiences of others and get to apply them in your games.
Follow the news and keep yourself updated on what is happening around the financial world. The governmental and banking regulations keep changing now and then, and it is best to stay tuned to keep yourself one step ahead. Games also often update their versions online, according to the new rules and regulations.
Games can be an excellent teaching aid to ensure a financially responsible future for the child. It becomes especially important in this day and age as the visual media is creating new needs and must haves where none existed before.
It has now become difficult to differentiate between survival goods and media created needs today. The children, thus, need to be taught resource management and cost-benefit analysis of their each purchase so they are not subsumed in this world of hyper consumerism that often leads to split second decisions that prove to be financially catastrophic.
Kids are going on a cross-country trip with this online game, and they need to figure out how to budget for it. While heading to Colorado to ski, kids will really need to focus on spending money wisely so that they can stay fed, keep gas in their car, and make it to their destination.
Budget games are such a great way for kids and teens to start self-discovering important things about how to budget and manage your money as a kid and beyond — without them risking entire paychecks if they make poor choices.
So, help them get their feet wet by choosing one of the games above and going with it! The following two tabs change content below. Bio Latest Posts. Amanda L. Grossman Chief Creator at Money Prodigy.
Read more here. Latest posts by Amanda L. Grossman see all. Free online stock market games for kids include:. This is a decision-based, online financial simulation game with changing scenarios depending on what your students choose.
For example, I went through the game and was given the profession of Accountant. Then, I was asked which type of checking and savings account I would like to open, and how much money I want to save from my paycheck. Paying back student loans has proved to be too much for some students, especially if they fail to find a job on a career path.
This financial simulation game can help your teen students better pick out careers and majors based on simulating what kinds of jobs they might find when they graduate, and how much their student loans might be. Everyone starts off in debt in this game.
Then, each player is given a life persona that will determine what kind of salary and how much debt they have. Good thing it's just a game, but one that will show your students how destabilizing debt can be and also, how to work through it.
Free financial literacy games for high school students and kids can really add fun and self-discovery to financial literacy teachings. Tell me below which one your own kids are trying and learning from! The following two tabs change content below. Bio Latest Posts.
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