Best Tools For Financial Literacy

Updated March 28, 2023

While starting the money conversation from the earliest age is essential and giving an allowance is important, parents can also use money-smart tools to help their kids strengthen their financial muscles. From opening investment accounts, to helping their littles handle money with a Benji Bank, to making a transition to a digital future with a debit card, parents can call on the best financial literacy toys and tools to support their kids along the way.

From Birth:

Make wealth not waste by investing from the start.

The best thing parents can do to prepare for their babe is to get banking on a better future. By opening an investment account through a traditional bank or innovative investing platforms like EarlyBird, parents help their kids build wealth, not waste, from the start.

When it comes to financial gifts from friends and family, no matter how big or small, some portion should always be put aside for the future. With the benefit of time and the magic of compound interest, even the smallest contributions can grow into a sizable nest egg.

“I opened an UGMA savings account for each of my children right before their baptisms,” says Benjamin Talks Co-Founder Carissa Jordan. “I knew generous family members might bring cash gifts to the celebration. Once the savings accounts were funded, we moved most of the money over to investment accounts so that the money could start to work for my kids.”

As kids grow, they should become part of the money conversation and feel the security of knowing they are slowly building a financial foundation for their future.

“My children’s great-grandparents often generously send $100 to mark their birthdays,” says Nikki. “I always have them allocate $25 to Spend, $25 to Save, $25 to Give and $25 to Invest. Not only has the money started to add up over time, but this exercise has also taught my kids that a portion of all ‘money in’ should always be put away for the future.”

Ages 3 and Up:

Spend, Save and Give with a Benji Bank.

Before kids become wizzes at all things ApplePay to Zelle, it is essential that they gain valuable practice physically handling bills and coins from a young age. But when it comes to learning-by-doing, a traditional piggy bank simply doesn’t fit the bill.

The Benji Bank provides children with an essential tool to help build their financial fitness. With its elevated, clean design, the bank promotes responsible spending, thoughtful saving and purposeful giving in kids of all ages. Made from clear, durable acrylic, the Benji Bank allows children to see their money and watch it grow.

Parents can also lean on quality books and toys to keep the money conversation going. BusyBees Literacy compiled an excellent list of money-smart books to help kids build their financial literacy, one great story at a time.

Toys that encourage pretend play around spending, saving and giving are also an excellent addition to any playroom. The Lakeshore Learning Cash Register is a staple in all of the BT households! And when all else fails, a friendly game of Monopoly can go a long way in teaching basic money know-how.

Ages 9 and Up:

Debit cards that prep kids for the future.

Once kids have experience spending, saving and giving their dollars IRL, they may be ready to transition to a debit card. By the time a preteen is preparing for braces, devouring the Harry Potter box set, or swooning over a first crush, it may be time to hand over the plastic.

Debit cards allow for spending, saving and giving on the go and help kids make the detour towards a digital future. What’s more, some of the debit cards for kids offer valuable financial literacy support for parents and kids, alike.

Times are changing and they are changing fast. The future is looking towards cashless societies, where digital payments may change the face of money altogether. We are here for the ride and we want our children to be armed and ready with the knowledge and resources they need to stay nimble in our fast-paced world.

With a GoHenry, ChaseFirst or Greenlight debit card, kids can learn the money-smart skills they need to build their financial literacy skills and set them selves up for financial success in the future.

Do you use any of these financial literacy tools? Do you have any other toys or tools you use to learn about money?