I love board games. I play board games with my family as much as possible. Most of the time, these board games are just about having fun and enjoying each other’s company. Other times, they are about learning important life strategies.
I have successfully used board games to teach my own children about a wide variety of topics. Risk is a great choice for critical thinking. Scrabble is ideal for teaching spelling. Games like Pictionary and Guesstures are perfect for teamwork. Candyland teaches colors and Operation is great for hand-eye coordination.
An important area that many parents overlook is money management. Children can learn this vital life skill early by enjoying board games with their families. The following board games are the best ones for teaching financial literacy to children.
10 Best Board Games to Teach Kids About Money
1. Monopoly
Monopoly is the go-to game for learning money management. The aim of the game is to purchase as much property as possible without going bankrupt. Players must save enough money to pay bills and expand their own properties.
Monopoly is a fun game for the whole family. Best of all, there are multiple versions of Monopoly so everyone has something to enjoy. Monopoly Junior is geared toward the younger players. Monopoly Secret Vault adds new twists. Themed Monopoly boards, like Game of Thrones, Star Wars or Avengers, are also widely available.
2. The Game of Life
The Game of Life follows a person’s lifespan from the end of college to retirement. Players must choose careers based on their own interest and salary. They are married, buy homes and experience such real-life surprises such as a sudden job loss and the birth of children. Players might must practice saving money for vacations, putting children through college and even being sued.
Saving money is vital in the Game of Life because players never know if and when they will have big bills to pay. Kids learn very quickly that it is best to have money set aside for a rainy day.
3. Payday
Payday gives players a true glimpse into reality. Players receive a monthly salary that they have to make last throughout the 31 days of bills and various expenses. Players can take out loans, which gives them the added bonus of learning about paying interest.
Payday is a game that works for most ages. Very young players may not grasp some of the more complex concepts. However, being introduced to the idea of managing debt and paying bills on time can never be taught too young.
4. Catan
Catan is a multi-player, world-building game. Players strive to create roads, place settlements and build cities. They do this by collecting resources that are then traded for materials, buildings and personnel.
Catan may not be the first game you think of when it comes to fostering a financial concept in children. It does not use standard currency but it does use resources that must be saved and spent wisely. Players must consider how they want to build their civilizations, and then practice budgeting of resources to achieve those goals.
5. Pit
Financial literacy isn’t only budgeting, spending and saving. It is also about making good investment choices. Pit introduces kids to the basics of the stock market in the funnest way possible. While fighting over commodities and trying to corner the market before the bell rings, everyone in the family will laugh while screaming about soybeans and barley.
The goal with Pit is not to teach kids how to save money. It primarily functions to make them interested in investing. There is also a silent version for those who don’t love the bell ringing and shouting that comes with the traditional Pit game.
6. Ice Cream Empire
Ice Cream Empire teaches business building and financial literacy. Players work to build a successful ice cream business with chains around the country. The first player to build eight stores is the winner. This requires managing a business budget, making purchases and handling transactions.
This game is perfect for ages seven and up. Children love this game because who doesn’t dream of running an ice cream business? Along with finance and budgeting, this game also teaches general math skills and United States geography.
7. The Entrepreneur Game
The Entrepreneur Game gives players a chance to budget money, make investments, negotiate deals and spend wisely as they watch their business either grow or fail.
The Entrepreneur Game is a good choice for older kids who want to learn more about innovation and financial freedom. Ideally, it is for ages 12 and up, though younger children could find a lot of value The Entrepreneur Game as well. This game lets players practice the skills needed to generate money, increase critical thinking and make good financial decisions.
8. Allowance
Do you want your kids to learn the value of working for their allowance? Try The Allowance Game. Children earn money by doing chores like cleaning the garage or washing the car. They then use that money to buy things for themselves or pay fines.
The Allowance Game is a clever way to show children how easy it is to earn and spend money. It also teaches children about keeping track of their money (there is a penalty for lost cash) and giving to charity.
9. Exact Change
Exact Change is a game that is geared toward younger children. Ages six and up are the primary audience for this game. Children must try to get rid of all of the cards in their hands by matching coins or by making exact changes.
Exact Change is not about money management. It is more of an introduction to finances. Kids will easily learn the value of coins while also gaining valuable math skills. Parents also love Exact Change because it gives them a chance to relax while playing a low-stress game with their kids.
10. Big Money
Big Money is a quick game that is easy to learn and fun to play. Even young children will enjoy the concept, which is making as much money as possible. In fact, all of the players in this game become zillionaires. Though there is only one winner, all players feel like they’ve won.
Children will get excited about making investments in items like candy factories, skate parks, and rotating restaurants. While they’re celebrating their new-found wealth, parents will celebrate the fact that kids are learning that making wise investment decisions can really pay off.
Any of these games present fun ways parents can introduce children to saving, money management, budgeting, compound interest, and other money skills.
