David Lerner Associates: Monopoly and Financial Literacy
Playing Monopoly on game night has been a part of almost every American household for decades. One of the benefits of playing the board game was the financial literacy learning that took place. Now the game is being updated to reflect the current financial landscape - all transactions will be done via debit or credit card.
Hasbro recently released the new set, "Ultimate Banking," at Toy Fair 2016. Players will now scan bar codes on a property card to purchase or rent homes, and then they will tap a debit card on a card reader to complete the transaction. The new methods are not getting approval from parents and money experts who feel that without the cash element, kids won’t learn as much.
Here some tips to help your children become more financially literate:
- Set an example: Let the kids see that you save money, go over your budget, and pay bills.
- Use cash when you give them an allowance or buy things for them. That way they see a physical transaction take place. A card can seem like there is an endless source of money.
- Open a savings account for them early, and show them how the interest accrues.
Learning how to think about money and manage it wisely is an important life skill. Just over half (54%) of 10 – 14 year olds got the National Financial Literacy quiz questions correct. And 96% of college students said they’d have made different choices if they had more financial knowledge. So set your kids on the right path - start their financial literacy education as early as possible.
Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. (DLA). This material does not constitute an offer or recommendation to buy or sell securities and should not be considering in connection with the purchase or sale of securities. Member FINRA & SIPC
Founded in 1976, David Lerner Associates is a privately-held broker/dealer with headquarters in Syosset, New York and branch offices in Westport, CT; Boca Raton, FL; Teaneck and Princeton, NJ; and White Plains, NY. For more information contact David Lerner Associates Call 516-921-4200 Visit our website: www.davidlerner.com