Understanding and discussing financial matters can present challenges for adults, let alone children. Topics around money and finance often involve complex concepts that many feel uncomfortable to broach.
Teaching and talking to children about money from an early age can provide them with invaluable lessons that will serve them well in the future. However, a study from the Money and Pensions Service revealed that less than half of UK children (47%) have been taught about money at home or school.
So, with International Children’s Book Day coming up on 2 April, what better time to discover some excellent children’s books with important underlying money lessons?
Books for infants, ages 3-5
In their infant years, children usually learn simple numbers and how to count, as well as important principles like sharing with others, as explored in the following books.
The Four Money Bears
Written by Mac Gardner, a certified financial planner, The Four Money Bears features a cast of four bears, each with a different spending disposition.
There’s Saver Bear, Spender Bear, Investor Bear, and Giver Bear. The story describes their different attitudes to money, and how they work together to find the best solution for all of them.
Two members of the Investopedia Financial Review Board selected The Four Money Bears as the best money book for young children.
Lemonade in Winter
This charming story by Emily Jenkins and G. Brian Karas depicts two siblings, Pauline and John-John, in their efforts to set up a lemonade stand in the middle of winter.
There is a catchy refrain that is repeated throughout – “Lemon lemon LIME, Lemon LIMEADE! Lemon lemon LIME, Lemon LEMONADE!” – as well as simple maths concepts based on counting and money to encourage the children to join in the fun while learning.
Books for juniors, ages 6-9
Junior children are usually familiar with counting and numbers. They may need help in understanding the importance of saving for the future and knowing what they want to save for, which are the main topics covered by the following books.
Rock, Brock, and the Savings Shock
The rhyming story of Rock, Brock, and the Savings Shock tells the tale of twin brothers, Rock and Brock.
The brothers are each given a small amount of pocket money every week by their grandpa, who promises to double their money if they don’t spend it. This book offers a child-friendly guide to the value of saving and the concept of compound interest.
Author Sheila Blair was chair of the US Federal Deposit Insurance Corporation from 2006 to 2011, so she certainly knows a thing or two about saving!
Felix Unlimited
Felix may only be a child, but that doesn’t hold him back from starting his own business making and selling greetings cards. Before he knows it, he’s made so much money that he has to hide it from his parents in a shoe box under his bed!
In this delightful book by Andrew Norris, our hero encounters financial woes, brutal business lessons, family troubles, and friendship issues. Yet nothing deters him from pursuing his entrepreneurial dream.
In Felix Unlimited, children can learn about the value of hard work, honesty, and respect, and how pursuing your passion can lead to amazing outcomes.
Money Box: Saving Money
Marek dreams of having a new scooter, but his mum and dad tell him he will have to save for it using his own pocket money. But how can he save when he loves to buy new toys and fizzy sweets?
Ben Hubbard’s book comprises several stories, each featuring a different child facing a small dilemma about how to spend or save their money. The book explores their various options and explains why each may be more or less helpful to their overall goal.
The stories in Money Box: Saving Money are a great introduction to the value of saving, budgeting, and creating goals.
Books for tweens, ages 10-12
Once they reach their tweens, children generally have a good understanding of money, what it’s for, and how it’s used. At this age, it may be valuable for them to learn about topics such as budgeting, the ethics of money, and different currencies. The following books can provide a foundation for each.
National Geographic Kids: Everything Money
This guide from National Geographic teaches you everything you could want to know about money. From the history of money and what came before it, to how money is created and why we have it, author Kathy Furgang leaves no stone unturned.
The book is filled with colourful images, photographs, and informative fact boxes. Children can also learn about money from around the world by traveling to the “Explorer’s Corners” scattered throughout the pages.
This book offers a rich exploration of money, engaging young learners and curious minds alike.
Grandpa’s Fortune Fables: Stories to teach kids about money
This wonderful book by Will Rainey follows 13-year-old Gail. She listens to stories from her grandpa about his adventures to a distant island where he learned about how to manage his money and become as wealthy as he is today.
Following her grandpa’s lead, Gail puts his lessons into action and soon has more money than most other kids her age.
In Grandpa’s Fortune Fables, children can learn about the importance of saving and investing, the difference between being rich and wealthy, how to start a business, why we should give to charity, and more.
Books for teens, aged 13+
Most teenagers want independence, so it can be useful for them to learn how to manage their own money and bank accounts, and to understand the risks of financial fraud. The following books contain valuable lessons on such matters.
Why Didn’t They Teach Me This in School?
Author Carl Siegel originally developed Why Didn’t They Teach Me This in School for his children as a guide to demystify financial concepts as they entered adulthood. Then, realising its value he published it as a general money management guide for teenagers.
The book is easy to read and contains eight financial lessons based on 99 principles, including how to budget and save, the value of being a smart shopper, what to do if you are the victim of fraud, and how things like bank accounts, loans, and credit cards work.
Siegel intentionally focuses on practical real-world examples from his own experiences, and breaks down each topic into simple, digestible lessons, designed to be easily memorised by the reader.
Cash is Queen
The world’s first money book tailored exclusively for teenage girls, Cash is Queen offers practical and enjoyable financial lessons for young women.
Research consistently reveals that women are more likely to shy away from discussing their finances than men, leading to financial setbacks. They negotiate salaries less, exhibit excessive caution in investing, and tend not to optimise their retirement savings.
Authored by financial expert Davinia Tomlinson, Cash is Queen aims to empower girls with essential knowledge on saving, spending, and managing finances, and cultivate a positive money mindset from a young age.
