Teaching kids about money

The Retirement Commission has launched a new part on its Sorted website to help kids learn vital financial skills.

Sunday, February 8th 2004, 10:47PM

Called Sorted Kids & Money, the new addition has nine interactive games and activities that teach children aged 5 to 12 years basic financial skills in a way that’s fun and challenging.

"The games and activities can be enjoyed by children without ever being aware that they are learning things essential to their life-long financial well-being," Retirement Commissioner Diana Crossan says.

"With sound financial understanding people are better able to make well informed financial decisions in their lives, and the cumulative effect of those decisions will better prepare them for retirement.

"Children are not remotely interested in planning for their retirement – and that’s absolutely as it should be! What Kids & Money does is help them learn the basic financial skills they need."

The site also gives parents suggestions about how to use everyday family encounters with money as opportunities to help kids learn more about personal finance.

Kids & Money has been created by pedagogical and financial experts who have established the skills, values and behaviours people need to learn in order to make sound financial decisions throughout life.

"Research indicates that the earlier a child learns about financial concepts, the more likely they are to manage their money effectively as an adult."

"Young people are now required to make choices early in life that require a degree of financial knowledge and skill that most don’t have the opportunity to learn at school.

"Personal finance skills need to be strengthened in the New Zealand school curriculum so individuals can avoid learning from trial and error.

"Our research shows that parents believe that personal financial education is important and they are keen to have access to information and tools that help them teach their kids about financial concepts.

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