• Home


Lesko Financial: Games To Teach Kids About Money

Posted: Updated:
VESTAL, N.Y. -

Transcript of Thursday's August 15, 2019 Lesko Financial segment that aired on Fox 40 News at 6.

BRI:
TEACHING KIDS ABOUT MONEY IS IMPORTANT, BUT MANY PARENTS WONDER HOW TO START. GREG LESKO OF LESKO FINANCIAL HAS SOME TIPS. GREG…

GREG:
THANKS, BRI. THIS WEEK WE CELEBRATED FINANCIAL AWARENESS DAY, AND IT’S MORE IMPORTANT THAN EVER FOR PEOPLE TO LEARN FINANCES AT AN EARLY AGE. STUDIES SHOW THAT THOSE WHO MASTER MONEY DO BETTER FINANCIALLY AND HAVE AN EASIER TIME CLOSING “THE WEALTH GAP.” IN ORDER TO MAKE MONEY LESSONS LESS OF A CHORE, ONE FINANCIAL ADVISOR TURNED THEM INTO GAMES.

BRI:
WHAT ARE SOME USEFUL MONEY GAMES FOR KIDS?

GREG:
SINCE MANY CHILDREN ACCOMPANY THEIR PARENTS TO THE STORE, THE FIRST WAS: “LET’S GO SHOPPING.” THE ADVISER CREATED A PRETEND STORE IN HIS LIVING ROOM AND PRICED VARIOUS ITEMS. ONE CHILD WAS THE SHOPPER; THE OTHER WAS THE CASHIER. THEN THEY SWITCHED. BOTH KIDS LEARNED THE BASICS OF HANDLING MONEY. A SECOND GAME WAS: “GUESS THE COST”—SIMILAR TO THE TV SHOW “THE PRICE IS RIGHT”--WITH PRIZES FOR THE GUESSES THAT CAME THE CLOSEST.

BRI:
WHAT OTHER WAYS COULD PARENTS TEACH KIDS ABOUT MONEY?

GREG:
ONE IS TO LET THEM EARN EXTRA MONEY FOR CHORES IN ADDITION TO AN ALLOWANCE, THIS MAKES THE CONNECTION BETWEEN WORKING AND INCOME. ANOTHER IS TO CREATE A PLAN TO SAVE UP FOR SOMETHING A CHILD WANTS. PARENTS COULD ALSO OPEN A BANK ACCOUNT THAT EARNS INTEREST IN THE CHILD’S NAME--TO EXPLAIN THE POWER OF COMPOUNDING. LATER ON, THEY COULD START THEM WITH SOME INVESTING. ONE THING PARENTS shouldn’t DO IS FREELY GIVE UNLIMITED MONEY WITH NO CONDITIONS, ESPECIALLY AFTER THE ALLOWANCE IS SPENT. AND, ONE MORE POSITIVE LESSON: ENCOURAGE CHILDREN TO GIVE TO THOSE LESS FORTUNATE THROUGH WORTHY CHARITIES.