Board Games with Money Lessons

Board games that help kids learn about money are nothing new. The first one was probably George Parker's Banking, created in 1883. But with child and teen financial education emerging as a national priority, some new games that forage deeper into the financial weeds are gaining traction.

Any game with dice and a marker, of course, will be a tough sell to kids with dazzling electronic options. So I introduced my three children to Risk, Sorry, Yahtzee and others while they were secluded at our cabin as pre-teens, sans media. None of my kids could be confused with natural woodsmen. Needing something to do, they were easy to engage (well, most of the time).

Yet even now as older teens -- and having finally won the battle for a wired connection at the lake -- they'll pull out the game box, choose one, and mix it up with friends. In truth, I never once thought about what practical knowledge these board games might effortlessly bestow on our kids. The games were fun and required some thinking. That was enough for me.

But the practical lessons of Monopoly, the Game of Life and others hit home during a recent stint at the cabin, when I overheard my 15-year-old daughter's friend exclaim, "Wow, if I had not bought car insurance I'd have been wiped out!" My internal response: "Wow, what a great nugget of financial smarts to have implanted, even if only subliminally, behind those giggling faces."

The girls were playing the Game of Life, which in my estimation remains one of the top choices for helping kids learn about money decisions while having fun. Sure it's simple and the game's outcome is based on luck. But it's actually enjoyable, which is more than I can say for games that teach but require tedious notes and calculations.

Some argue that board games teach us nothing, or the wrong thing. But those criticisms are off base, and kids learn best when they are playing. So dust off the venerable pastimes in your attic like Payday and Careers -- or for a modern twist try these upstarts:

· The Game of Life Twists and Turns. An updated version of the old favorite, it offers dozens of new life choices centered on the core themes of living, learning, earning and loving. Goodbye play money; hello charge cards.

· Monopoly: Electronic Money. Same game. But the cash is gone and you buy Boardwalk by swiping your bankcard.

· Beat Debt. Use your disposable income for investing or paying off credit cards. The first person to pay off debt and have an investment balance of $5,000 wins.

· Charge Large. Purchase buildings and businesses with a combination of cash and credit and watch your credit-card limits increase. To win, you need to have zero debt.

· Thrive Time. Learn the positive and negative consequences of using credit, and practice keeping track of debt and paying it off responsibly. This game demands smart long-term financial decisions -- the kind we all hope our kids will make long after they've passed Go on the Monopoly board.

If you have a question about kids and money, I'll get the answer. Email me at dankadlec@dankadlec.com.

Photo courtesy Flickr user HarshLight

Dan Kadlec

Daniel J. Kadlec is an author and journalist whose work appears regularly in Time and Money magazines. He is the former editor of Time’s Generations section, which was written and edited for boomers. Kadlec came to Time from USA Today, where he was the creator and author of the daily column Street Talk, which anchored the newspaper's business coverage. He has co-written three books, including, most recently, With Purpose: Going from Success to Significance in Work and Life. He has won a New York Press Club award and a National Headliner Award for columns on the economy and investing.

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