Improving Financial Literacy for Kids and Young Adults

It has been suggested that one of America’s greatest shortfalls is failing to incorporate the study of money basics and personal finance into our children’s educational curriculum. Visual Capitalist points out that “only five states – encompassing approximately 16.4% of U.S. students – are required to take a personal finance course to graduate from high school.” This leads to a large constituent of unprepared and uninformed adults. A 2018 FINRA Foundation study estimated that nearly two-thirds of Americans between the ages of 35 and 54 couldn’t pass a basic financial literacy test. Their measures of financial literacy have actually declined over the past 9 years, across all age groups.

VWG Wealth Management stands ready to help. By no means comprehensive, here is a starter list of some excellent resources and tools, for children, teens and young adults.

• Lemonade in Winter by Emily Jenkins. Picture book for ages 4-7 telling the story of two siblings who decide to use all their money one winter day to buy supplies and open a lemonade stand. (link)
• Rich Kid Smart Kid. Free online site with learning games for young children, and resources for teachers, grades K-12. (link)
• How to Teach Financial Literacy. wikiHow site outlining and organizing the basics of budgeting, credit and debt, savings and investments. For parents and teachers of elementary and middle school age children. (link)
• Banzai! Free online courses teaching middle school and high school students how to prioritize spending decisions through real-life scenarios and role-playing. (link)
• Raising Financially Fit Kids by Joline Godfrey. This combination personal finance and parenting book is designed to help parents, mentors and educators teach children, teens and young adults key money skills required for financial security. (link)
• Financial Football. Fast-paced, interactive game that engages teens while teaching them personal finance skills. Available free online and through downloadable iOS and Android apps. (link)
• Spent. Online game about surviving poverty and homelessness. Players must make the difficult decisions necessary to live for one month on $1000, often having to choose between equally disagreeable options. The game ends when players either run out of money before the end of the month, or make it through with money left over. (link)
• Budget Challenge. Online 10-week personal finance simulation with full curriculum and assessments for use in secondary and college classes. Includes a mobile app. (link)
• I Will Teach You to Be Rich by Ramit Sethi. Unpretentious, actionable methods that work in helping young and middle-age adults to use money to live a rich life. Not just focused on personal finance, but all aspects of money including careers, relationships, business and health. (link)
• Stock Market Game.  Online simulation of the global capital markets that engages students in the world of economics, investing, and personal finance.  Designed for 5-12 graders, to be used in a classroom setting complete with lesson plans and other teacher resources. (link)
• Broke Millennial by Erin Lowry. Practical, empathetic and helpful advice on money matters and financial questions, written for young adults and millennials. (link)
• Bad with Money by Gaby Dunn. The irreverent writer-comedian and host of her popular same-named podcast weaves together memoir, social commentary and financial advice in this book written for college-age kids. (link)
• Stacking Benjamins. Award-winning magazine-style podcast covering a broad range of personal finance topics, from basic to advanced. For adults of all ages. (link)
• Greenlight (link) or gohenry (link) apps. Debit card and financial education app for kids 13 years and older.