The Best Kids Books About Money

Kids Books About Money?

What are the best kids books about money? It’s important to teach kids about money, but there seem to be very few good books available. This article will review one from Scott Pape the author of the very popular ‘The Barefoot Investor‘. I’ve been looking forward to reading this finance for kids book for a while. Let’s check it out.

How Should We Teach Kids About Money?

I wanted to see if this book resonated with the things that I have been thinking about regarding how we can teach finance and financial literacy skills to young people. Though the target audience may appear to be a little younger than those that I work with as a secondary teacher, teaching mainly Grade 9-12 students, there is certainly a whole lot to learn from this book. 

Easy To Understand

Scott Pape, also known as the Barefoot Investor, is a popular financial advisor in Australia and has become famous for his practical and easy-to-understand advice on personal finance. He writes in a very easy-to-understand way and makes great use of real-world practical examples. After reading “Barefoot Investor” a couple of years ago, I subscribed to his newsletter and love reading his regular tips, anecdotes and letters from his readers that he regularly shares.

Start At Home

In this book, Pape shares his expertise in teaching children about money management from an early age. He believes that financial education should start at home, and parents should take an active role in teaching their kids about budgeting, saving, and investing. I couldn’t agree more. Believe me when I say that this kind of content is lacking in our schools.

One of the key strengths of “Barefoot Kids” is its simplicity. Pape uses plain language and practical examples to explain complex financial concepts. He also includes activities and exercises that parents can do with their children to reinforce the lessons learned.

Positive Money

Another great feature of the book is the emphasis on developing a positive attitude towards money. Pape stresses the importance of teaching children that money is a tool that can help them achieve their goals and dreams, rather than something to be hoarded or spent recklessly. For me, it comes down to creating good habits early that can be practised when we are young and that transfer well to situations that arise when we get older.

Simple Steps

The book focuses on six steps:

• • Why kids should help out around the house for free – learning the value of work is so important
  • How kids can set up their own money buckets – having responsibility for their own money management adds to the skill development at an early age
  • How to SAVE for (and get) anything they want (that their parents approve of) – helping kids to see the rewards that they can gain from saving
  • How to turbocharge their savings by running their own mini business – this bit is awesome as it adds a crucial layer to money management by teaching kids about assets that can earn and about creating value for other people
  • Why they should use their GIVE bucket to make a real difference to other people (kindness counts!) – a really nice touch is the emphasis on kids being able to make a positive contribution to their communities
  • How to kick-start a lifetime of compound interest by investing with as little as $5 – learning about compound interest early is a must.

Final Thoughts

This book definitely holds some of the secrets to raising smart, resilient, kind and hard-working kids who will grow up knowing how to manage their money. As far as useful gifts are concerned, it would be one of the best investments that parents could make for their kids.

Overall, “Barefoot Kids” is a must-read for any parent who wants to help their children develop good financial habits. Even better though, kids will love reading it and will enjoy putting it into practice. It really is a fun read. The advice is practical, easy to follow, and grounded in common sense.