Financial literacy is crucial, and the sooner kids develop an understanding of money, the better equipped they will be to make wise financial decisions as they grow. One way to impart this knowledge is by including one thoughtfully chosen financial literacy-themed gift under the tree this holiday season. Below are a few to consider as you tackle shopping this year.
Give the gift of financial literacy to your child this holiday season
Piggy bank
Piggy banks have long been a symbol of saving, but now they come with a modern twist. Consider a digital piggy bank or a piggy bank that counts the coins inserted. These updated versions encourage kids to save and keep track of their money effectively, all while making the process engaging and interactive.
Board games
Many board games are designed to teach financial concepts. Classics like Monopoly and The Game of Life have been teaching kids about money for generations. Include one of these under the tree and break it out for a fun and educational family game night.
Money
Consider gifting your child cash and creating a money lesson around it. Invite them to make a choice:
- Spend the money now on something they want.
- Save the money and wait to afford something better! Depending on your child’s age, they may have an allowance from chores or a part-time job to contribute to this savings goal.
This is a simple way to help them understand the power of saving.
Educational apps
Educational apps and software are a great way to make learning about money interactive – and many of them are free. You can present these as a fun addition to their other presents. Check in with them from time to time to see their progress in the app.
Depending on the app, you can even consider matching the rewards they’re earning. For example, apps like Zogo allow you to earn pineapples that can be redeemed for gift cards. If they finish enough modules to earn a gift card, you could consider purchasing a second gift card of the same amount!
Shares of stock
While this may be more suitable for older kids, gifting a share of stock or an investment account is a unique way to teach kids about investing. It not only familiarizes them with the concept of ownership in a company but also sparks interest in the world of finance.
Instilling financial literacy in children is an investment in their future. These financial literacy themed gifts not only make learning about money enjoyable but also set the stage for a lifetime of informed and responsible financial decision-making. So, this holiday season, consider giving the gift of financial literacy to your child. When they’re old enough to have their first checking account and savings account, consider opening them at General Electric Credit Union. Our feature-rich accounts and dedication to member service will ensure your child’s first banking experience is a great one.
