It’s Friday again, which means we’ve got the best of children’s finance that has caught our eyes this week — everything from tricks, to books, to games — perfect for the summer holidays.
According to a new study, being bad with money could be genetic. Apparently 25 per cent of us are born with the good variant of the gene that ignites self-control and inhibits giving into temptations. As for the other three fourths of the population, it remains to be seen. But the most important thing that we can see from this report is that good money management should be taught from a young age, so 'good' genes or 'bad' aside, children are empowered to learn how to earn, save and spend.
This comprehensive list offers 15 books that could help children learn good money management skills. Appealing to kids from the ages four to roughly 16, this list contains some must-reads for every age and it might be worth packing one or two in your kids’ luggage this summer as you jet off on holiday? These books are fantastic resources, but as Marx famously said, theory is nothing without practice. The most important thing to know is that children learn best through doing, so using goHenry in your home is an excellent way of putting some theory into practice and compliment childrens’ reading as well.
The Stock Market Game is an American game, developed for grade four to 12 students (that’s roughly ages 8 — 16), that gives children $100,000 of artificial money to make stock market investments based on actual research and news. Students are divided into groups who compete against each other in making the best decisions to get the biggest returns. In order to make the right decisions, students conduct research and follow the news, with the best performing team winning. It’s a good introduction to the world of trading, but dealing with artificial money might not instil the greatest sense of responsibility in the players!