Klein Sun - News
Texas accountants recommend toys that teach fiscal responsibility
By VAL CLIFTON
With the gloom and doom of the economy dulling the spirits of Americans like the “Grinch Who Stole Christmas,” the time-honored tradition of spending money on gifts this holiday season is being rethought by many parents.
But state accountants recommend seizing the opportunity to instill money savvy into children via presents.
The Texas Society of Certified Public Accountants suggests parents consider toys and board games that teach financial concepts such as money usage and saving techniques.
“We need to find a fun secure way to explain what’s going on today with the stock market,” said CPA and President of Chapman Schewe Richard Nevins. “We don’t want to scare them into thinking they are going to homeless in the next two weeks.”
Nevins said the best way to reach children is through board games that provide an entertaining venue for learning fiscal responsibility.
“At that young age, you’ve got to keep it fun and hope that they indirectly get the idea you are trying to convey,” Nevins said. “If you say, ‘here’s $10, spend it this way, not that way,’ your kids are going to try and spend it as quickly as possible.”
He recommends popular games like Monopoly and Life that help teach older children about real-world financial concepts such as insurance policies, bank loans, income tax, career choices and salaries, and real estate acquisitions.
A twist on the piggy bank may also inspire children to save. Some now come with voice-activated or remote control electronic safes and are available in a variety of popular character embellishments.
“When you put money in something shaped like a space ship and the bells and whistles go off, you’re promoting the idea that saving is fun,” Nevins said.
Now, some toys allow children can go to their own ATM machine to make withdrawals and check account balances using a secret Personal Identification Number. Other products on the market even come with a play debit card and feature a motorized bill feeder and coin recognition.
Pretend grocery shopping can even become a money handling how-to lesson thanks to a talking cash register featuring barcode stickers and a scanner, play money and a voice-amplified microphone.
“As they grow up, it gets them to realize that you have to buy a product and not just take it,” Nevins said. “It shows them that purchases require a certain amount of money and helps them to feel grown up.”
The most important financial lesson children can have is to practice smart money habits for them to emulate and explain saving, investing, donating, and spending in terms they can understand, he said.
“I think the key thing is that education can be fun and if you want to teach the kids the value of money, let them know what the cost of things are, but you can’t relay your fears and concerns that you have for yourself,” Nevins said. “They are too young and should still be kids.”
But state accountants recommend seizing the opportunity to instill money savvy into children via presents.
The Texas Society of Certified Public Accountants suggests parents consider toys and board games that teach financial concepts such as money usage and saving techniques.
“We need to find a fun secure way to explain what’s going on today with the stock market,” said CPA and President of Chapman Schewe Richard Nevins. “We don’t want to scare them into thinking they are going to homeless in the next two weeks.”
Nevins said the best way to reach children is through board games that provide an entertaining venue for learning fiscal responsibility.
“At that young age, you’ve got to keep it fun and hope that they indirectly get the idea you are trying to convey,” Nevins said. “If you say, ‘here’s $10, spend it this way, not that way,’ your kids are going to try and spend it as quickly as possible.”
He recommends popular games like Monopoly and Life that help teach older children about real-world financial concepts such as insurance policies, bank loans, income tax, career choices and salaries, and real estate acquisitions.
A twist on the piggy bank may also inspire children to save. Some now come with voice-activated or remote control electronic safes and are available in a variety of popular character embellishments.
“When you put money in something shaped like a space ship and the bells and whistles go off, you’re promoting the idea that saving is fun,” Nevins said.
Now, some toys allow children can go to their own ATM machine to make withdrawals and check account balances using a secret Personal Identification Number. Other products on the market even come with a play debit card and feature a motorized bill feeder and coin recognition.
Pretend grocery shopping can even become a money handling how-to lesson thanks to a talking cash register featuring barcode stickers and a scanner, play money and a voice-amplified microphone.
“As they grow up, it gets them to realize that you have to buy a product and not just take it,” Nevins said. “It shows them that purchases require a certain amount of money and helps them to feel grown up.”
The most important financial lesson children can have is to practice smart money habits for them to emulate and explain saving, investing, donating, and spending in terms they can understand, he said.
“I think the key thing is that education can be fun and if you want to teach the kids the value of money, let them know what the cost of things are, but you can’t relay your fears and concerns that you have for yourself,” Nevins said. “They are too young and should still be kids.”
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