Teaching kids about money can be a challenge. Schools don’t always cover financial literacy, and talking about savings and spending might seem too abstract for younger children. One powerful tool for teaching money skills? Video games.
Many games involve earning, spending, and managing resources. Through play, kids can learn about budgeting, making smart financial choices, and even investing.
How Video Games Teach Kids Money Management
Games provide a risk-free environment for kids to practice money decisions. Whether they’re managing virtual farms, running a business, or trading goods, these experiences translate to real financial skills.
Some key lessons include:
- Budgeting: Many games require players to manage limited resources.
- Saving: Kids learn that saving in-game currency leads to better rewards.
- Spending Wisely: They see the impact of impulse purchases versus strategic investments.
- Investing: Some games introduce compound growth through upgrading businesses or farms.
- Risk and Reward: Players weigh decisions that could lead to higher returns or losses.
Games That Teach Financial Skills
Some video games naturally integrate money management. Here are a few that help kids develop financial literacy.
Animal Crossing: New Horizons
In Animal Crossing, players move to an island and must build their home and community. They start with debt and pay it off over time, teaching the importance of managing finances.
Key money lessons:
- Savings: A bank account rewards players with interest.
- Investing: The “stalk market” introduces supply and demand principles.
- Debt Management: Players take out loans and pay them back.
Roblox
Roblox is more than a game; it’s a platform where users create and sell their own games. Many kids design in-game products and sell them for Robux, the platform’s currency.
Skills kids can learn:
- Entrepreneurship: Players create products and set prices.
- Marketing: They promote their creations to other players.
- Investing: Profits can be reinvested into new projects.
Zoo Tycoon
Zoo Tycoon challenges players to build and manage a zoo. They must budget for animal care, staff wages, and new attractions to keep visitors happy.
What it teaches:
- Managing a budget efficiently.
- Understanding expenses vs. revenue.
- Investing in long-term growth.
Monopoly (Video Game Version)
The classic board game is available in digital formats, allowing kids to practice financial skills in an interactive way.
Lessons include:
- Saving and spending wisely.
- Making smart investments in properties.
- Negotiating deals with other players.
Teaching Kids to Recognize In-Game Purchases
Many games include microtransactions, where real money buys in-game items. Kids need to understand how these transactions work and when spending real money isn’t a good idea.
Parents can:
- Discuss the value of earning items through gameplay versus buying them.
- Set spending limits for in-game purchases.
- Encourage saving in-game currency instead of impulsively spending.
Using Video Games as a Money Teaching Tool
Parents can actively use games to discuss financial responsibility. Playing alongside kids allows for discussions about smart money habits.
Some ways to engage:
- Ask kids why they make certain financial decisions in the game.
- Discuss strategies for saving and spending virtual currency.
- Encourage goal-setting, like saving for high-value in-game items.
Final Thoughts
Video games can do more than entertain. They provide hands-on financial lessons that kids may not get elsewhere. Games like Animal Crossing, Roblox, and Zoo Tycoon introduce real-world concepts in a way kids enjoy.
By guiding their gameplay and discussing financial decisions, parents can help children develop skills they’ll use throughout their lives.
