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Board games are always a fun family activity, and they can also be educational. There are several board games you might have played yourself that will teach children about finances. The following are some of the most popular board games that teach children about using money, along with one or two you might not have been aware of.
Monopoly is simple to play but teaches a great deal about investing, building wealth and making key decisions regarding your financial resources. Players move around the game board buying or trading properties, developing their properties with houses and hotels, and collecting rent from their opponents, with the goal being to drive them all into bankruptcy leaving one monopolist in control of the entire economy.
Monopoly can be used to drive the understanding of why accounting services are necessary and is a great introduction into the deficit reduction debate, particularly the tension between the most publicly visible elements of this debate: entitlements and taxes. This simulation game also can help students engage in perspective taking by playing the role of an individual who will be impacted by raised taxes, cuts to entitlements, or both. You can get the game here or you can download the app here.
The Game of Life takes players on a journey that includes going to college, getting a job, starting a family and many other life events. Players will learn about the various salaries they can expect to earn at a particular job, how much it may cost to raise a family, the returns they can see from their investments, and ultimately how to end up with the greatest amount of assets for retirement at the end of the game. You can get the game here or you can download the app here.
Payday is a fun game that teaches children how to budget at an early age. Players receive a particular salary as they move through the game, all the while learning how to handle budgeting for various bills, loans and unexpected events. Players also learn the power of interest in savings accounts and its effect on loans. The player who budgeted his or her money the best and has the most money at the end is the winner. You can get the game here.
There are two options to this board game — one for teenagers and one for younger kids. The game starts each player out in a job and helps illustrate the ascension from being an employee to building wealth through stock, real estate and business acquisitions. Additionally, players learn about market volatility and its impact on their lives and wealth. You can get the game here.
Any of the above games is a great introduction to the world of finance, an especially important subject to learn in today’s economy.