Learning to Play the Game: Extracting financial wisdom from board games

Board games aren’t just a fun way to pass the time but they provide a powerful and engaging tool to teach kids personal finance. Who doesn’t love a good game? Through play, children can grasp complex financial concepts, practice money management skills, and even learn about assets and growth all without feeling like they’re being “taught.” For parents who may wish they had learned financial literacy earlier in life to avoid many of the financial mishaps and pitfalls we faced, this is a meaningful way to engage with kids and lay a foundation for skills they’ll need as adults.

Kids naturally learn through play! Research shows that games boost problem-solving skills, decision-making, and strategic thinking. According to the American Academy of Pediatrics, play is essential for cognitive, social, and emotional development. Board games tap into this development allowing kids to explore scenarios like earning, saving, investing, and spending in a low-stakes environment. A 2022 study found that 73% of children love playing games, making it an accessible and enjoyable method to introduce financial literacy concepts.

Parents don’t need to rely solely on games explicitly marketed as financial education tools. The games we traditionally play regularly, paired with thoughtful reflection, provide incredible learning opportunities. Consider these examples:

The Game of Life: This classic board game illustrates financial decision-making around careers and education. Parents can guide reflections on the earning power of choosing a career path immediately after high school versus going to college, emphasizing opportunity cost. There is also an opportunity to discuss how unexpected life events affect finances and make the game relatable to real-world scenarios.

Allowance: This game explicitly focuses on earning and saving. It introduces children to managing their money over time and deciding whether to spend or save for larger goals. Afterward, parents can connect this to their child’s real-life allowance, encouraging similar behaviors.

Monopoly: While best known for its real estate focus, Monopoly offers lessons in budgeting, asset acquisition, and risk management. Parents can highlight strategies for investing versus overspending and discuss how to avoid debt traps like over-leveraging properties.

Catan: Though not a financial game, this strategy-based board game involves resource management, negotiation, and long-term planning. Parents can relate these concepts to saving, investing, and building assets, teaching kids that effective resource allocation is essential for success.

Parents should create opportunities for reflection to maximize the lessons from board games, parents should create opportunities for reflection. After the game, ask questions like:

• “Why did you choose that strategy?”
• “What worked, and what would you do differently next time?”
• “How can this apply to real-life money decisions?”

If playing with multiple kids or family members, encourage everyone to share their perspectives. Their thoughts during the discussion allow the child to acquire a deeper understanding and perspective for thinking about financial choices.

Repetition is key to skill-building. Playing the same games multiple times allows kids to refine their strategies and apply previous lessons. Parents can enhance the experience by translating board game skills into real-world actions. For example, after playing the game Allowance, parents can encourage kids to create savings goals and track their progress. After The Game of Life, parents can discuss post-secondary education costs or explore careers in the real world through research or volunteer experiences.

For many parents who grew up in times of major economic shifts, events, and uncertainty, teaching our children about finances has never been more important. You have the option to make the learning experience a relaxed and joyful environment to instill these lessons while avoiding lectures or dry worksheets. The use of games fosters family bonding creating memories while imparting crucial life skills.

By tapping into play, parents open a new method of starting a conversation with their children on tools necessary for financial success. It’s not just about teaching money management, it is preparation for financial confidence in skills that will serve them in every aspect of their life.