Life
Using monopoly to teach children about money
A little girl with a piggy bank. PHOTO/Courtesy: Black Enterpise.
Teaching children the different concepts of Personal Finance can be a difficult topic of discussion for some adults. Many adults feel clueless on where to start to make the subject interesting and captivating. Keeping a child’s attention on the subject can be daunting if the approach is too analytical. If you want to succeed with introducing children to the topic of personal finance, make the subject fun and exciting by using board games.
The game of Monopoly serves as a great resource for teaching children about the concepts of Banking, Real Estate, Law, Taxes, and Personal Income. In recent years, newly developed versions have been created to mirror the current world economy. Paper money has been replaced with debit and credit cards; everything is recorded electronically to capture transactions on rent payments, tax payments and passing go bonus. Instead of moving along US landmarks like Atlantic Avenue, Park Avenue and Boardwalk, the movement around the board is done within different continents. What ever version you choose, the principles are same and the rules of the game of monopoly have not changed.
If you are serious about teaching personal finance to your child and if you are going to use the game of Monopoly as a resource. Follow the real game instructions, not the instructions that were passed on to you as a child. Many adults don’t know the real rules, so its understood when some adults have trouble understanding how a board game that was issued to the public in 1930 can teach a person about finance in today’s economy.
