7 Gift Ideas for Financial Literacy12/13/2023
Black Friday and Cyber Monday unofficially kick off the holiday shopping frenzy.
As you ponder the perfect gifts for your loved ones this year, why not consider something unique and enduring? Gifting knowledge and skills is not only thoughtful but immensely beneficial. This holds especially true when it comes to financial literacy.
We brought together the top 7 gift ideas to improve your loved ones' financial literacy.
Board Games: Fun with a Financial Twist
Believe it or not, board games can be both entertaining and educational in understanding finances.
- Monopoly provides an engaging way to learn about property investment and money management.
- The Game of Life offers insights into career choices and retirement planning.
- Payday delves into the intricacies of budgeting and managing household expenses.
For younger kids, we recommend Cashflow for Kids. It's a fantastic introduction to investment and financial strategies inspired by Robert Kiyosaki's "Rich Dad Poor Dad."
Piggy Banks and Savings Jars: The Classics Reimagined
The timeless piggy bank is more than just a cute decor item. It's a practical tool for teaching kids about the importance of saving. Children get a tangible sense of their growing savings by dropping coins and bills into a piggy bank.
Take this a notch higher with savings jars. Children learn to allocate funds for saving, spending, and charity using multiple jars. This fosters a balanced view of money management from an early age.
Prepaid Debit Cards: Modern Money Management for Teens
Prepaid debit cards are an excellent introduction to the world of financial responsibility.
Unlike regular debit cards, these come with a preset spending limit. Prepaid cards are ideal for teaching budget planning and expenditure tracking to teens. Many of these cards come with handy apps. So, both teens and parents can monitor spending habits and set financial boundaries.
Traditional Planners: For the Hands-On Financial Planner
In an increasingly digital world, there’s still a place for the traditional, tactile experience of using a paper planner.
Giving a budget planner can help someone track expenses, savings, and goals. The Clever Fox Budget Planner or The Happy Planner - Budget Edition are good options. It's a perfect gift for those who appreciate a hands-on approach to financial management.
Website or App Subscriptions: The Gift of Knowledge
Consider gifting subscriptions to financial education websites or apps.
- For younger children: Interactive, game-based apps like Savings Spree or Bankaroo make learning about saving and spending fun.
- For adults and teens: YNAB for budgeting or Robinhood and Acorns for beginner-friendly stock market investing. These digital platforms offer a mix of practical and engaging learning experiences.
Personal Finance Books: Wisdom in Pages
Books on financial management make great gifts for people of all ages.
- Young children can start with The Berenstain Bears’ Trouble with Money.
- Middle-grade readers might enjoy The Everything Kids’ Money Book.
- Teenagers can learn a lot from The Teen Money Manual.
- For young adults, Broke Millennial is a relatable guide.
Don’t forget classics like The Total Money Makeover for adults. And those nearing retirement will benefit from The 5 Years Before You Retire.
Financial Planning Consultation: A Personalized Gift
Consider a session with a professional financial planner for a truly unique gift.
Expert financial advice will be valuable for young adults, mid-career individuals, or those nearing retirement. The advice is provided based on their specific financial situations, needs, and goals.
A Gift That Keeps on Giving
Choosing gifts that contribute to financial education is a way to impact your loved ones’ lives profoundly. Financial literacy is an empowering and enlightening gift that lasts a lifetime.