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Finance Friday: From the theme park that teaches children financial lessons to the importance of engagement

It’s Friday, which means we’ve made it through a full working week in this heat! To celebrate, we’ve collected the best of children’s finance that caught our eyes this week.

Young people facing difficulties understanding basic finance

Add it to the list of 'me’ generation issues, but young persons under age 25 are showing signs they lack basic financial knowledge when it comes to simple tasks related to bank statements, overdrafts, interest on loans and more, according to a survey sponsored in cooperation by Barclays and the charity pfeg (Personal Finance Education Group). In fact, one in eight didn’t even know what an overdraft was, with 8 per cent thinking it was a low-cost one-off loan from a bank. The moral of the story? Starting teaching children about finance at a young age will pay off in countless ways in the future. It’s one of the many reasons we created goHenry.

Kidzania: the new 'mini city’ theme park that plans to teach kids how to 'work’ for their rewards

Plans have begun for Britain’s first reality theme park, which will feature 'a town where children will be able to take jobs and earn money’ they can use to cash in for treats or activities such as go-karting. The £20 million attraction, known as KidZania centre, will be complete with a main street, moving vehicles, shopkeepers, and more. It’s expected to open at Westfield London in Shepherd’s bush by early 2015. The concept isn’t exactly new, though- KidZania was founded in 1999 and has 12 sites in locations across the world including Tokyo, Seoul, Dubai, and more.

Simon Read: Education about finance must be engaging for kids

Last week we discussed the government’s plans to make financial education compulsory in schools beginning September 2014. While we couldn’t agree more with this decision, we also couldn’t agree more with Simon Read’s editorial in The Independent, which argues that in order to ensure children take in the value of finance education, it must be made engaging. If finance becomes simply another boring lesson to snooze through, then we’ll have failed our kids, says Read. It’s not a small task. But the truth is, teaching young people about finance, can, in fact, be entertaining! Engagement is a key word for both educators and parents it may require a bit of creativity, but your children will be thanking you when they receive their first bank statement in the mail. It’s exactly why we created goHenry; to give children an opportunity to learn about money outside the classroom, in an engaging hands-on way, all under the watchful eye of the parent.

goHenry, a unique earning, saving and spending solution. Perfect for parents with children from 8-18.

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