If you’ve ever had trouble keeping your finances in order, you might have wondered, “Why didn’t someone show me this earlier?”
Michigan-based Jackson Charitable Foundation has rolled out a program to introduce children to money concepts — using music videos!
The foundation created Cha-Ching Money Smart Kids videos, featuring singing animated characters that present a range of financial topics for youngsters ages 7 to 12.
Each of the 17 short clips lasts roughly three minutes. They’re brief enough to fit a child’s attention span and catchy enough to linger in their heads.
One clip illustrates the life cycle of a dollar bill and shows how you can earn, spend, save and give away money.
Another video addresses the difference between needs and wants to help prevent overspending.
There’s also a segment that explains how credit card usage can harm your finances if it’s not included in your budget and how interest increases the overall cost of purchases.
Broadening the Reach of Financial Education
One of Jackson Charitable Foundation’s collaborators in financial education is Junior Achievement USA, a nationwide group focused on equipping young people with the skills to thrive economically.
The organizations have partnered to incorporate the Cha-Ching Money Smart Kids videos into Junior Achievement’s Our City program, which teaches entrepreneurship, financial literacy and workplace readiness to roughly 450,000 third-graders in classrooms across the nation.
“When it comes to children and their financial futures, maybe the easiest way to make a positive difference is by sparking more conversations about money,” Danielle Robinson, executive director of Jackson Charitable Foundation, said in a press statement.
Jack Kosakowski, president and CEO of Junior Achievement USA, stated in a press release that it’snever too soonto show kids the advantages of saving and managing spending thoughtfully.
“As grown-ups, we should help youngsters feel less puzzled and more inspired about money,” he said. “Helping your child open and handle a bank account to save for a defined goal, like pocket money for a family trip or future college, is an effective way to teach kids to work toward financial independence and to get them excited about money, especially when they watch it grow.”
Why Teaching Money Matters for Kids
Jackson Charitable Foundation and Junior Achievement commissioned Wakefield Research to survey children’s financial knowledge.
One-third of kids ages 7 to 10 who took part said they weren’t taught how to make or earn money. Forty-one percent reported they weren’t shown how to spend money properly.
Only 25% of the youngsters surveyed knew that savings can earn interest.
With support from the Money Smart Kids resources, hopefully the coming generation will have stronger financial understanding by the time they’re adults.
Your Turn: Do you have creative ways you’re teaching your children about money?
Nicole Hayes is a staff writer at Savinly.
