Raising financially literate kids is important for all parents. Even if your kids are not going to have a career in finance, they must be well-versed in the concepts of personal finance and money.
There is no better way to teach your kids about money and finance than by recommending them the best books on these topics.
Let’s share our collection of top 10 Books to Teach Children About Money and Finance.
1) Finance 101 for Kids: Money Lessons Children Cannot Afford to Miss by Walter Andal
Perhaps one of the best finance books to teach kids about the essentials is written by Walter Andal. Walter has a background and experience in the finance industry.
The writer’s inspiration for this book came from the illiteracy of his children about basic money and finance concepts. The book aims to develop the most basic money concepts in an easy-to-understand manner.
The writer argues that this book cannot transform kids into investors or experts in finance. However, this book is an excellent way to build a sound financial foundation for kids aged 8-12.
2) Everything Money: National Geographic Kids
The subtitle of the book is “A Wealth of Facts, Photos, and Fun.” It explains what this book is all about and how useful it can be for kids.
The book is mainly aimed at teaching kids about how money or currency works. Although it is titled more towards the use of currency (and international currencies), it covers several basic financial topics too.
The addition of photos and illustrations makes the book fun for kids. Like other projects of National Geographic Kids, this book is also fun for kids with educational learning.
The book doesn’t cover every foundational money topic as the title suggests, but it provides useful facts in a fun way for kids about money and currency.
3) If You Made a Million by David M. Schwartz
Another stellar book on the list to teach kids about basic money concepts is written by David Schwartz. This book has won several accolades and awards.
This book is ideal for kids aged between 4 to 8. It teaches them the basics of money math and other financial concepts. Kids can learn the concepts of how the money adds up, starting with a penny to a million.
The book also introduces the concept of interest charged by banks and paid to investors and easily for kids to understand. Schwartz has written several other books in the same genre, like “How Much is a Million” and “How to Measure Million” too.
4) Investing for Kids: How to Save, Invest, and Grow Money
This book by Dylin Redling and Allison Tom aims to teach kids about how to invest money. So, it’s an advanced concept for kids who have a grasp of the fundamentals of money and finance.
The interactive discussions and ideas presented in the book are useful for kids with any level of financial literacy, though.
This book covers all aspects of savings, investing, and wealth building in an easy way for kids to understand. This book is a good fit for kids as well as early teens.
5) Show Me the Money: Big Questions About Finance
The title of the book suggests exactly what kids would learn by reading this book; the big questions about finance. It also covers the basics of personal finance.
It is an excellent book for high school and early college kids. It will teach kids about the wider concepts of economics, global economics, trading, and capitalism.
Another excellent aspect of this book is covering the ethical side of the money world by teaching kids about inequality and how money actually works.
It helps kids understand how trade works, the impact of business (capitalism), and the effects of debts.
6) Rock, Brock, and the Savings Shock: Sheila Bair
Shelia Bair acted as the Federal Deposit Insurance Corporation (FDIC) chairperson from 2006 to 2011. She wrote an intriguing storybook for kids that teaches the importance of savings.
Rock and Brock are the main story characters of the book. Their grandfather gives them advice on how to save money and grow wealth.
The wiser kid, Brock, learns the advice quickly and grows his wealth exceptionally well. While the other kid, Rock, ends up broke as he ignores the advice of his grandfather.
Story-telling is a compelling way to convince and teach kids about any educational field. If finance is taught to young ones through great storytelling, it makes more sense and becomes more effective.
7) I Want More Pizza: Real World Money Skills for High School, College, And Beyond by Steve Burkholder
If you are looking for a finance book that is short, crisp, and yet comprehensive, “I want more Pizza” is for you. As the title suggests, the book is aimed at school and college teens.
It is a short book but covers all major areas of finance:
- Your financial goals and objectives.
- Savings – How to save money?
- Investing and growing your savings
- Debt – including credit cards and student debt programs
So, this book essentially covers the pillars of money and finance for teens. It’s an excellent way to get started by understanding how these foundational concepts work and are interlinked.
8) How to Turn $100 into $1,000,000: Earn! Save! Invest! by James McKenna, Jeannine Glista, et al.
It is an excellent book that teaches kids how millionaires earn money and the fact that a millionaire is a person with millions in their pocket, not one who spends a million dollars.
This book teaches kids about gradually saving money, investing, and building wealth. The book’s core concept is to teach kids about how to work hard to become a millionaire.
This book inspires kids by introducing them to real-world millionaires and sharing their hard-working plans for years behind their golden fortunes.
9) How To Money: Jean Chatzky, Kathryn Tuggle, et al.
This book explains the basic concepts of finance and money in detail. It is a relatively larger book for kids as it explains the concepts expressively.
The book covers the basic areas of taxes, savings, budgeting, and investing. Thus, it is more suitable for kids aged 12 to 18.
Although the book is an extensive collection of basic finance concepts elaborately, kids should find it useful and interesting if they already have some basic finance concepts.
10) Investing for Teens: How to Invest and Grow Your Money! By Alex Higgs
This book leads kids and teens with basic finance concepts to think about their future. Investing is all about thinking and planning for your future.
This book by Alex Higgs is an excellent way to teach kids about how to manage and grow their money by investing and planning for the long term.
The book also explains to kids how difficult it is to manage money in real terms. Although saving money looks like a simple task, it is actually a challenging one.
