How games can boost financial literacy in teens?

Gone are the days when money education was a matter of personal choice and money secrets were buried within the family. With the existing economy and increasing cost of living, it is important for the teens and younger generation to understand money matters. With internet on the run, kids often find it quite easy to spend money on toys and CDs. Further, college students are often using their credit cards to pay for tuition and other expenses. A lack of financial education makes them unaware of debts and they often end up with a huge burden of loans. Without proper financial literacy for teens, teens may end up paying the same accumulated debt for several years to come. 

How can you promote financial literacy for teens?

A lecture on financial literacy might be boring especially for the energetic teens. What is the best method to promote financial awareness among teens? Well, financial games can offer some answers. The market is full of different types of financial games for the different age groups. 

The future success of teens will depend upon the financial choices they make in their college and early years of higher education. The key is to equip them with sufficient knowledge so that they can take wise decisions in their life. Most of the schools have adopted innovative methods of imparting financial literacy in students. Games are among one of them and you can actually find interesting online and offline games for your teen. 

Financial games are built within practical scenarios and teens need to take decisions depending upon the financial resources they have. For an instance, an online game on a road trip is quite interesting and educating in itself. The player can make extra cash by delivering pizzas, painting, cutting grass, babysitting, and burger shop. There are some distractions such as CDs, game tickets, shopping mall, and movies. For daily life financial responsibilities depiction, the player has to maintain gas and insurance in the vehicle. As the game progresses, the player needs to collect enough money for gas and insurance while making or spending money on other options. 

The key idea behind these games is to create a real-life scenario where the teen has to make choices and his well-being depends upon these choices only. Further, they understand money management quite well and learn best tips to save money. 

Benefits of Games promoting financial literacy for teens

·        Financial literacy games activate critical/thoughtful thinking in teens.

·         Financial games are not boring as that of lectures.

·         Teens learn to make right money choices by opting for jobs within the games.

·         Kids understand money management and the fact that they need to save more for their future.

·         Teens understand the impact of financial choices in their life.

As a matter of fact, these games can be a complete classroom for kids and they might end up learning more than our expectations. If you are planning to educate your tips on money matters, literacy games can help you a lot.