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Money Management for Kids 2019-03-29T12:30:55+00:00

Strategies to Promote Money Management for Kids Improve Lives

Money Management for Kids

Parents, educators, and anyone else who cares about the future of American youth know that economic times are tough for kids right now. Even college graduates run the risk of having to move back in with their parents. But according to the National Financial Educators Council (NFEC), we can give young people a better chance at a promising future by promoting money management for kids.

Vince Shorb, founder of the NFEC, explains that in a recent nationwide survey most young people interviewed expressed serious concern about their financial situations. And if they’re already experiencing money difficulties, just wait until they reach adulthood. One important reason to teach kids about money is because finances are the number one cause of stress among U.S. citizens. And stress leads to a host of other issues, including:

  • Relationship problems (fighting, breakups, and divorce)
  • Health issues (high blood pressure, anxiety, sleep disturbance, and muscle tension)
  • Self-medication (drinking, drug use)
  • Poor choices (unhealthy eating, putting off doctor visits or essential car repairs)
  • Internalizing problems (low self-confidence, depression)

But there’s good news, according to recent studies by the U.S. Treasury Department. Teaching money management to youth at an early age makes a huge difference in their life experience. These studies show that people who learn money management lessons have:

  1. Higher savings rates;
  2. Higher net worth; and
  3. Larger contributions to their 401(k) retirement plans.

So if you care about young people, what do you want for them? On one hand, they could have broken relationships, poor physical and mental health, and limited choices. On the other hand, they can be happy, healthy, confident, and financially secure. And simply promoting programs that teach managing money for kids makes the difference. Helping our children obtain a practical financial education will dramatically improve their lives.

The NFEC’s “Money Management for Kids” curriculum not only is fun and engaging; it also meets core educational standards.  Designed to motivate participants to take positive action, the curriculum uses practical, hands-on learning to let students reap the benefits of improving their financial capabilities.

 

Kids Money Management Curriculum

Use the navigation below if you’re looking to serve a different age group.

Pre-Kindergarten through 2nd | Junior High (6th through 8th grade) | High School (9th through 12th grade)

The NFEC suggests sharing money management curriculum with kids early on, beginning their financial education before they enter junior high.  During these formative years children begin developing financial habits that often stay with them through adulthood.   Sharing money management lessons with kids when they’re young can help them pick up needed life skills to reduce future financial stress, worry, and problems.Many kids today understand the importance

money plays in their lives.  Unfortunately, most financial education curriculum for kids is written by bankers or credit card companies.  The result is boring, dull, impractical programs likely to turn kids off from learning.

The NFEC’s Money Management for Kids curriculum engages students while remaining fun for teachers to deliver.  Educators, financial professionals, and financial education experts created the program to incorporate practical lessons that meet core educational standards.

 

The NFECs’ money management for kids curriculum features:

Fun and Engaging Lessons.  The NFEC’s financial literacy curriculum for kids features activities that engage students in the learning process.  Hands-on learning increases retention rates and makes the process more enjoyable for students and educators alike.  The ultimate goal of the lesson plans is to motivate kids to take immediate action to shape their financial habits, so they keep those positive habits as they mature.

Practical Instruction that Meets Educational Standards.  The NFEC’s financial literacy curriculum for kids was designed by a team of award-winning educators, financial professionals, and financial education experts to ensure the material bridges the gap between theory-based education and practical application.

Financial Educator Training: Teaching kids money management lessons is different than teaching any other subject.  The NFEC’s training program assists people who want to improve the effectiveness of the financial literacy curriculum.  Graduates of this professional development course, who earn a Certified Financial Education Instructor (CFEI) designation, have reported feeling an added sense of confidence while teaching kids about money.

Grade Levels:  The NFEC’s money management for kids program was specifically designed for students in 3rd, 4th, and 5th grades.  Some educators have used the program for higher grade levels to teach students who may be behind in math.

Consultation:  The NFEC support team assists instructors to develop a custom program that fits into the allotted time.  The NFEC’s Certified Financial Education Professionals can help you choose the lesson plans that best fit your objectives, time requirements, and participant academic level.

Financial Literacy Testing:  The money management for kids program comes with pre- and post-testing material, quizzes, and surveys.  Testing allows you to quantify program success and address any areas where students may be lacking information.

Money Grows on Trees.  This guide for instructors and parents provides lessons to teach kids about money effectively. Written in story format, the guide offers practical tips on how to talk to kids about money.

Family Money Talks.  This guide features the 10 personal finance talks that parents or educators must have with their children.  Although designed for older students, the guide shares valuable lessons that will help educators and parents introduce personal financial lessons to kids of any age.

The NFEC appreciates your efforts to provide money management for kids training to our nation’s future generation.   Together we can help our youth avoid common financial pitfalls and enjoy rewarding lives.

Kids And Money Management – What Parents Need to Know

Many children grow up to be individuals who cannot manage their finances as a result of not being taught how to manage cash when they were still young. That is why as parents we have to take the necessary measures to teach our children how to handle cash. That way, as they grow, they will be able to handle finances. The following is a discussion about kids and money management.

Basically, there are certain things that are instilled in us when we are still young. It is those things that we grow up being accustomed to. As such, managing cash is something that children must be taught from an early age.

Basically, money management for kids involves a number of things. One of the most important aspects of managing finances is saving cash. It is important to teach children about the importance of saving money. That way, as they grow up they will understand the value of money.

As parents, it is also essential for us to lead by example because children tend to copy what the adults in their lives do. Therefore, if you want your children to grow up knowing how to handle their finances properly, you have to lead by example. This means that the way you spend cash has to portray good management skills.

At times, giving children money without them earning it can actually have a negative impact as far as a kids financial education is concerned. When children are overly spoiled, chances are that they may never understand the value of cash. That is why, even though you are wealthy, you need to teach your children the value of cash.

Kids and money management is something that every parent needs to take seriously. This is because at the end of the day, when those children grow up and begin to handle their own monies, they might never be able to save and invest in sensible things. Teach your children while they are still young so that they grow up to e responsible individuals.

Teach Kids Personal Finance Early On

There are many good reasons why an individual would find it ideal to teach your young family how to manage their finances. Starting this practice and lessons as early as possible is important. By the time a child is old enough to ask for gifts from you, he is mature enough to start comprehending how finances works. Money management for kids is a very important subject that you should not overlook.

Parents must learn a number of things to effectively deliver a personal finance program to their loved ones. One of the things to consider in this case regards handling and expressing their emotions in a very calm manner. Being calm in the best way possible creates an enabling environment that is conducive to teaching and learning. If you want your children to mature with a good approach to managing their finances, the priority should be in discussing financial issues calmly and openly as a unit.

This process is not as easy as it sounds, however. There is no doubt that families often have certain difficulties from time to time. It is often very easy to let your family grow up hearing the message that you cannot afford something. This is a message they hear too often. You could however communicate this important message in a friendly and wiser way. You can find a suitable phrase to replace the common one that you cannot afford it. You could for instance tell them that you will not buy something they want because there are priorities. This is a message they will easily understand. You can then start your financial coaching from there. Financial education for kids isn’t always a structured program; many times its just daily life that can be the best learning tool.

Giving an allowance to the young is a great idea. Money management for kids should of course include some real cash. Give them some money and see how they use it. Give them tips as well in relation to saving. This way you are sure that they will develop into responsible adults.

Money Management: Kids Empowered to Change the World

When it comes to learning money management kids are likely to get bored and tune out unless the instruction relates to real things in their lives, things they honestly care about. That’s why the National Financial Educators Council (NFEC) goes to great lengths to create lessons that are entertaining for kids, whether they’re presented as classroom curriculum, camps, workshops, after-school programs, or community events.

The NFEC is an independent organization with a social enterprise business model, so they are not focused on selling products—they just want to teach kids about money. This holistic approach to financial education leads the organization to develop products and campaigns that promote money management for kids in a variety of formats. All the programs are designed to develop kids’ skills, knowledge, and confidence by focusing on practical financial matters that can be easily applied to situations in the real world.

In today’s economy it is critical that money management for children becomes an important item on the educational agenda. Our children are the ones who will bear the burden of the national debt and trade deficit. But if we prepare them with money, business, and life skills they will become able to adapt and overcome the challenges, thus making the world a better place.

In his book Epic of America, James Truslow Adams says, “The American Dream is that dream of a land in which life should be better and richer and fuller for everyone, with opportunity for each according to ability or achievement.” Teaching kids personal finance skills brings them that much closer to realizing this dream. And the NFEC spearheads a global financial literacy movement with empowering children at the top of its agenda.

Children are the adults of the future. By teaching money management now, we can give them hope and promise for a brighter tomorrow.

 

Kids Money Management Curriculum

Use the navigation below if you’re looking to serve a different age group.

Pre-Kindergarten through 2nd | Junior High (6th through 8th grade) | College & University

The NFEC suggests sharing money management curriculum with kids early on, beginning their financial education before they enter junior high. During these formative years children begin developing financial habits that often stay with them through adulthood. Sharing money management lessons with kids when they’re young can help them pick up needed life skills to reduce future financial stress, worry, and problems. Many kids today understand the importance money plays in their lives. Unfortunately, most financial education curriculum for kids is written by bankers or credit card companies. The result is boring, dull, impractical programs likely to turn kids off from learning.

The NFEC’s Money Management for Kids curriculum engages students while remaining fun for teachers to deliver. Educators, financial professionals, and financial education experts created the program to incorporate practical lessons that meet core educational standards.

 

Strategies to Promote Money Management for Kids Improve Lives

Parents, educators, and anyone else who cares about the future of American youth know that economic times are tough for kids right now. Even college graduates run the risk of having to move back in with their parents. But according to the National Financial Educators Council (NFEC), we can give young people a better chance at a promising future by promoting money management for kids.

Vince Shorb, founder of the NFEC, explains that in a recent nationwide survey most young people interviewed expressed serious concern about their financial situations. And if they’re already experiencing money difficulties, just wait until they reach adulthood. One important reason to teach kids about money is because finances are the number one cause of stress among U.S. citizens. And stress leads to a host of other issues, including:

  • Relationship problems (fighting, breakups, and divorce)
  • Health issues (high blood pressure, anxiety, sleep disturbance, and muscle tension)
  • Self-medication (drinking, drug use)
  • Poor choices (unhealthy eating, putting off doctor visits or essential car repairs)
  • Internalizing problems (low self-confidence, depression)

But there’s good news, according to recent studies by the U.S. Treasury Department. Teaching money management to youth at an early age makes a huge difference in their life experience. These studies show that people who learn money management lessons have:

  1. Higher savings rates;
  2. Higher net worth; and
  3. Larger contributions to their 401(k) retirement plans.

So if you care about young people, what do you want for them? On one hand, they could have broken relationships, poor physical and mental health, and limited choices. On the other hand, they can be happy, healthy, confident, and financially secure. And simply promoting programs that teach managing money for kids makes the difference. Helping our children obtain a practical financial education will dramatically improve their lives.

The NFEC’s “Money Management for Kids” curriculum not only is fun and engaging; it also meets core educational standards. Designed to motivate participants to take positive action, the curriculum uses practical, hands-on learning to let students reap the benefits of improving their financial capabilities.

 

The NFECs’ money management for kids curriculum features:

Fun and Engaging Lessons. The NFEC’s financial literacy curriculum for kids features activities that engage students in the learning process. Hands-on learning increases retention rates and makes the process more enjoyable for students and educators alike. The ultimate goal of the lesson plans is to motivate kids to take immediate action to shape their financial habits, so they keep those positive habits as they mature.

Practical Instruction that Meets Educational Standards. The NFEC’s financial literacy curriculum for kids was designed by a team of award-winning educators, financial professionals, and financial education experts to ensure the material bridges the gap between theory-based education and practical application.

Financial Educator Training: Teaching kids money management lessons is different than teaching any other subject. The NFEC’s training program assists people who want to improve the effectiveness of the financial literacy curriculum. Graduates of this professional development course, who earn a Certified Financial Education Instructor (CFEI) designation, have reported feeling an added sense of confidence while teaching kids about money.

Grade Levels: The NFEC’s money management for kids program was specifically designed for students in 3rd, 4th, and 5th grades. Some educators have used the program for higher grade levels to teach students who may be behind in math.

Consultation: The NFEC support team assists instructors to develop a custom program that fits into the allotted time. The NFEC’s Certified Financial Education Professionals can help you choose the lesson plans that best fit your objectives, time requirements, and participant academic level.

Financial Literacy Testing: The money management for kids program comes with pre- and post-testing material, quizzes, and surveys. Testing allows you to quantify program success and address any areas where students may be lacking information.

Money Grows on Trees. This guide for instructors and parents provides lessons to teach kids about money effectively. Written in story format, the guide offers practical tips on how to talk to kids about money.

Family Money Talks. This guide features the 10 personal finance talks that parents or educators must have with their children. Although designed for older students, the guide shares valuable lessons that will help educators and parents introduce personal financial lessons to kids of any age.

The NFEC appreciates your efforts to provide money management for kids training to our nation’s future generation. Together we can help our youth avoid common financial pitfalls and enjoy rewarding lives.

Connecting Between Kids and Money Management

Nearly 80% of young people today will never be able to retire. Why? Because they lack the personal finance training that leads to long-term planning and future security. Connecting the dots between kids and money management skills prepares them for the financial realities the world will face over the next century.

Kids today definitely will face more significant financial challenges than their parents did. Social Security is predicted to go bankrupt by 2037, according to the Government Accountability Office. Our staggering national debt and trade deficit almost certainly will result in a higher tax burden for citizens. And increased numbers of college-educated immigrants is likely to result in fierce competition for good jobs in the American market. These challenges are why teaching children about money now is so critically important.

While those major challenges may sound daunting, they actually can lead to opportunities to profit for people who are financially educated. Teaching kids money management skills—history has demonstrated—may lead to many opportunities from which they can profit. During shaky economic times, it’s been proven that the educated and informed are the ones who continue to succeed.

Promoting money management for teens is much more than teaching them how to balance a checkbook. In fact, nowadays electronic banking has made checkbook balancing a thing of the past. The National Financial Educators Council (NFEC) has developed the MoneySmarts Course which is designed to prepare young people for the financial realities they’ll face just around the corner.

The NFEC takes a holistic approach to financial literacy for kids, giving them practical real-world skills that help ensure financial security for the future. Such skills include overcoming challenges, building innovation, and recognizing opportunities. The trick is to create a mindset that teaches kids to recognize opportunity when they see it, and gives them the confidence to act. Connecting teens with opportunities to learn practical personal finance skills is the first step.

Connecting Between Kids and Money Management

Nearly 80% of young people today will never be able to retire. Why? Because they lack the personal finance training that leads to long-term planning and future security. Connecting the dots between kids and money management skills prepares them for the financial realities the world will face over the next century.

Kids today definitely will face more significant financial challenges than their parents did. Social Security is predicted to go bankrupt by 2037, according to the Government Accountability Office. Our staggering national debt and trade deficit almost certainly will result in a higher tax burden for citizens. And increased numbers of college-educated immigrants is likely to result in fierce competition for good jobs in the American market. These challenges are why teaching children about money now is so critically important.

While those major challenges may sound daunting, they actually can lead to opportunities to profit for people who are financially educated. Teaching kids money management skills—history has demonstrated—may lead to many opportunities from which they can profit. During shaky economic times, it’s been proven that the educated and informed are the ones who continue to succeed.

Promoting money management for teens is much more than teaching them how to balance a checkbook. In fact, nowadays electronic banking has made checkbook balancing a thing of the past. The National Financial Educators Council (NFEC) has developed the MoneySmarts Course which is designed to prepare young people for the financial realities they’ll face just around the corner.

The NFEC takes a holistic approach to financial literacy for kids, giving them practical real-world skills that help ensure financial security for the future. Such skills include overcoming challenges, building innovation, and recognizing opportunities. The trick is to create a mindset that teaches kids to recognize opportunity when they see it, and gives them the confidence to act. Connecting teens with opportunities to learn practical personal finance skills is the first step.

 

Kids Money Management Activities Should Take Center Stage

Most people believe that educating our nation’s youth is valuable and important. But a recent finding may shock many: we now know that regardless how much education a young person receives, if they don’t learn practical financial lessons, all that education is meaningless. That’s how important giving kids money management skills can be.

While obtaining a college degree is associated with higher earnings, studies also show that people who earn more also tend to spend more. And if those college-educated high earners spend beyond their means, they’ll end up suffering the same problems as those who never graduated from high school. That statistic provides one of the most compelling reasons to teach children about money.

Vince Shorb, founder of the National Financial Educators Council (NFEC), has reviewed the personal finances of more than 20,000 individuals across the U.S. He has seen first-hand the problems folks are experiencing—such as foreclosures, bankruptcies, and crippling debt loads. And many of these people had advanced degrees like PhDs or MBAs. Yet they were living paycheck to paycheck, just like people with lower education levels and incomes. While they may have had nicer things—houses, cars, clothes, etc.—they still lacked financial security. Having a higher education doesn’t necessarily translate into being savvy with one’s money.

Shorb advocates a full educational package that includes money management for kids. For example, personal finance lessons should be practical in nature—that is, they should be readily applicable to common decisions people have to make in the real world. Good money management training will help kids learn that the short-term excitement of a fancy purchase may not be worth the long-term uncertainty that can result from giving in to the impulse to “buy, buy, buy.” Changing this mind-set can build healthy money habits for life.

 

Kids Money Management Games

Teaching kids money management lessons is being recognized as the key to freedom for our next generation. Money can positively or negatively affect our relationships, health, and emotional state. By providing our youth with fundamental financial lessons and guidance, we can empower them to live lives of choice, not default. We can allow them the belief that they are fully in charge of creating their own lives now and in the future..

When people of any age learn about money, they are more likely from that point on to ask questions, take action, and take charge of their lives. They are more capable to make their own way rather than fall into a rut of financial mistakes. With even the most basic financial information, young adults are able to avoid common financial problems and pitfalls.

The NFEC suggests teaching kids money management lessons as early as possible; however, reaching our youth in their formative years is crucial. Since most will establish financial habits and beliefs during their teenage years, financial education between the ages of 10 and 14 can have a critical impact.

 

Camp Millionaire and The Money Game

Our answer to the financial literacy need: Creative Wealth’s Camp Millionaire and The Money Game. The National Financial Educators Council awarded their creator, Elisabeth Donati, with the 2010 Financial Educator of the Year Award. This year, the NFEC announces that both programs have been awarded NFEC Accredited Financial Education Program status.

Camp Millionaire and The Money Game are unique and highly effective for many reasons:

  • They are activity-based to ensure a dynamic and fun environment.
  • They employ Accelerated Learning Techniques, which address all three learning styles: auditory, visual, and kinesthetic.
  • They integrate financial principles and concepts with modern-day economics.
  • They teach personal money management skills relevant to each age group, making it fun and memorable

Camp Millionaires 2 to 5 day program has been serving children worldwide for the last ten years. The Money Game offers an equally interactive and engaging format but is shorter – lasting 4 hours to 1 day. Both are designed in modular format to accommodate a variety of schedules.

Teresa a mother from San Luis Obispo wrote a note sharing changes she noticed in her sons
“I was remembering last summer and how much fun the boys had at camp. Thank you, again! The valuable knowledge they learned about money is something I see them using almost every day. I am so relieved they won’t fall into the same traps I did. I also love how attending your camp has opened up our communication with them about money. I’m anxious to see how they will continue to use their money knowledge as they grow. I know they will both be very successful!”

 

Program Options

Camp Millionaire and The Money Game – kids money management system – can be delivered as a Full Production (where the entire program is produced for you) or as a Host Your Own Event (where you teach the program yourself). The self-hosted version has one of your staff or a volunteer complete a comprehensive training course certifies your abilities and provides all the resources necessary to effectively host the programs.

Nonprofit organizations, schools, community leaders and concerned have all brought the Money Game and Camp Millionaire to their towns. These events bring the community together and help to raise awareness about the financial illiteracy problem that is plaguing this country. It does take time and effort; however that is outweigh by the feeling of knowing you are making a big difference in the lives of those you touch. Many of us “wish we were taught about money when we were younger,” and your efforts help to ensure our children will not have to repeat that phrase.

For those that bring a Money Game or Camp Millionaire to your community, the NFEC is committed to your success and objectives. Besides providing the youth a life changing personal finance skills, these events can also be leveraged to: build community goodwill, raise funds, gain volunteer support and raise awareness about you or the organizations you support. All programs come with one-on-one consultation to ensure your personal objectives are met.

 

Why Camp Millionaire and the Money Game:

The award winning kids money management programs: Camp Millionaire and the Money Game programs represent the best practices in financial literacy. This program has undergone over 10 years of revisions and improvements to provide our youth a fun yet critical lessons that will impact them throughout their life.

Fun and Engaging: Surveys conducted at Camp Millionaire and the Money Game events have received similar comments since the first camp in 2002 – participants have fun while picking up skills that will protect them as mature. The financial education events are filled with games and activities that engage the students and they enjoy the learning process. A 12 year old attendee, Sarah commented “Money Camp was a great experience! It taught me many valuable things and lessons that really will last a lifetime. It was cool and I had a lot of fun.”

Course Length: Both programs are designed in modular format to accommodate most time requirements. Camp Millionaire is usually facilitated in two-day or five-day camps. The Money Game is usually played in 1.5 hour segments and can be played daily, weekly, two half-days, or a full day.

Grade Levels: Both the Money Game and Camp Millionaire ages 10 – 14 Click on these links if you are looking for financial literacy program for kids, adult financial literacy programs or teenage and college financial literacy resources.

Financial Literacy Standards: Both programs were developed around the standards set forth by the National Financial Educators Council, Jump$tart Coalition, and the National Council of Economic Education. They meet the core educational standards set by the National Council of English Teachers, National Business Education Association, National Council of Teachers of Mathematics, and the National Council for Social Studies.

Accelerated Learning Techniques: Both programs employ Accelerated Learning techniques. This model of teaching creates an environment that enables students to maximize their potential. Kids are actively engaged through the use of music, art, role-playing, and games. Accelerated Learning Techniques improve retention rate, motivation level, and overall enjoyment.

Certified Presenters (Full-production option only): The quality of the instructor is directly tied to the kids money management capabilities. The NFEC and Creative Wealth provide comprehensive training and testing to ensure the highest quality educator for your program. All financial education instructors have achieved the NFEC’s Certified Financial Education Instructor status.

Educator Training (Self-hosted option only): This comprehensive training course helps the person instructing the course to teach financial literacy effectively. Graduates of the financial education instructor training earn their Certified Financial Education Instructor (CFEI) designation and are qualified to teach other NFEC and Creative Wealth classes and earn money doing so. Training for the Money Camp takes approximately 12 hours and Camp Millionaire training takes between 20 and 45 hours via a video training course or live training sessions.

Contact Us to learn more now.

 

Host Own Event

Let the NFEC and Creative Wealth International handle all the details of the event production. This includes: all the material, trainers and producing the entire event.

Receive a turnkey financial education event package that includes: all the material, training and tools you need to successfully host your own event.

Contact us to receive additional details

  • Program Material. Participants receive full-color student workbooks and budget worksheets that walk participants through the decision making process.
  • Training. Those that are hosting your own kids money management event receive detailed training that will build your confidence when delivering the program. Those that choose the full-production event will receive a highly trained educator to deliver the program.
  • Surveys and Testing. Quantify the results of the program with comprehensive testing. This may assist your organization in securing funding and will help to measure the program’s effectiveness.
  • Fundraising and Sponsorship Resources. The NFECs financial literacy grant guide and sponsorship forms can help you raise funds while you educate those you serve.
  • Support. Support staff is available via phone and email to help maximize the impact of your program.

We commend you on your efforts to provide our kids money management training that can make a lasting difference in their life. With over 50% of the people currently going through financial difficulties you can help our future generations avoid the added stress associated with financial illiteracy.

 

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