I am always on the lookout for new ways to introduce and teach money skills to teens. I have heard a lot about using the stock market to help teens learn about investments. After doing some research, I found three different ways to use the stock market as a teaching tool for teen financial literacy.
|Image created on www.wordle.net|
Board Games: Board games are fun and entertaining and there is no reason why we can’t learn a few things while playing them. Teachers often use board games to reinforce lessons that they have taught in class. Parents can even sneak a few of these into their family game nights! The following board games have been designed to teach stock market skills and/or personal finance skills.
Online or virtual games: These games can also be called paper trading or fantasy trading in regards to the stock market. There is a wide variety of websites and online tools for learning about stocks. Some of them mimic the “real time” stock market and others create their own virtual stock market. Some these are free; others are not. Some are more appropriate for classroom settings; others are designed for personal use. The common aspect of these virtual games is that they all are designed to teach about buying & selling stocks and evaluating your investments.
- How the Market Works
- Virtual Stock Exchange Games on Marketwatch.com
- Smart Stocks
- Young Money
Purchasing real stocks: You can also have your teens purchase real stocks. They can study the market and pick a few stocks that they think will do well. Then they buy a few stocks and watch what happens. Teens are usually more involved in things that have personal meaning to them so maybe this is the way to go. Invest in the Markets recently posted about YUM Brands, Inc. which owns KFC, Taco Bell and Pizza Hut. These are three favorite restaurants of my kids and it got me thinking about whether they would be interested in watching how these stocks are doing. I haven’t introduced the idea of them buying stocks yet, but it’s definitely worth some more thought.
The idea of using the stock market to teach financial concepts to teens is something that I haven’t tried. My knowledge of this is based purely on research. What do you think? Is it helpful for teens or is it too far removed from their world? I would love to hear some thoughts and personal stories from folks who have tried any of these methods or would like to share additional resources.