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Hit the jackpot by wrapping money lessons into stories
Financial literacy is as important for children as it is for adults. Children who are taught to manage their finances from an early life have better chances at a financially secure future. Teaching your kids to be financially literate helps them understand how to manage money as they grow. Wise spending becomes a habit, and this is very important.
Many children know a few basic things about money – like counting it, going to the bank to get money, and using it to get or buy things. But there are concepts like saving, investing, budgeting and earning money that is complex, but they need to be taught too. These lessons can be taught by rolling them into fun tasks, games, and activities that you do on a daily basis. Or you use one of these multitudes of apps that teach about money. One other way is to read books on the topic that talk about the importance of saving, earning, and making smart choices about money.
Children’s Books about money are a dime a dozen. They are available for different age groups in various forms from stories to comics to knowledge. Here is a list of some great books (both nonfiction and fiction) that explain the basics of finance that can help to start children on a path of successful money management as they grow. And the best part? They don’t cost an arm and a leg!
Guide to the best books about money and money management for children
For Ages: 4+
For Ages 6+
|Mini’s Money by Nandini Nayar|
For Ages 10+
For Teens & Young Adults
|So You Want to Know About Economics by Roopa Pai||More Money, Please: The Financial Secrets You Never Learned in School by Scott Gamm||Rich Dad Poor Dad For Teens by Robert T. Kiyosaki|
These books will equip parents to take a hands-on approach to make their children financially literate. You do not have to be a CFO or a savvy money manager. Even a quick read of the book will give parents ideas, concepts, and tools that can be used anytime.
Books on the house (FREE!!)
You don’t need to break the bank – here are some fabulous books that are worth their weight in gold! Go on and cash in on this collection.
The Rupiah Paisa series by Pratham Books can be read online on their StoryWeaver platform for free!
The Reserve Bank of India(RBI)’s project titled “Project Financial Literacy” aims to disseminate information regarding the central bank and general banking concepts to various target groups, including, school and college-going children, women, etc. These books can be read online and also be downloaded in pdf format from the RBI website Financial Education and RBI.
Here is a summary of these books:
- Raju introduces banking concepts: Raju and Money Tree, Raju and Magical Goat, Raju and Sky Ladder
- Money Kumar familiarises with the role and functions of the Reserve Bank of India: Money Kumar and Monetary Policy, Money Kumar and Caring for Currency,
- Short story book Old Man Monetary: Adventures for youngsters about the evolution of currency.
|Raju and the Debit Card||Money Kumar and the Monetary Policy||The Old Man Monetary – Adventure Stories for Youngsters|
We all live in a world full of financial jargon and over time we even start using them without understanding their exact meaning. The Learning Series by Prof. Simply Simple™ initiative aims to simplify financial terminologies and concepts. In this series, Professor Simply Simple guides Suppandi through financial concepts. Using these two characters we have explained important financial concepts in comic book and animation styles. The comic books are available in different Indian languages and can be downloaded. The cream on the cake is that these lessons are available as videos featuring the favourite comic character, Suppandi! You can also watch the Suppandi Making Investing Simple – Video Series
The Bottom Line
It’s never too soon to start teaching children important life lessons about money, and a simple and fun way to start is with a good book. Go on and start now! It will be worth every penny!
How do you teach your children about money matters? Which is your favorite book? Is there a good book you know that we should include on this list? Let us know and we will add it to the list, in for a penny, in for a pound!