Normally, when your kids hear something about a double dip, they’re thinking ice cream cones with a swirl on top. But this summer, they might have been hearing another meaning: A second round of the recession.
Economic struggles, wild stock market swings, bad news on the jobs front — it’s been a summer that can leave kids’ heads spinning if they’re picking up on these morsels in the news.
I get questions weekly from parents looking for resources that can make it easier for youngsters to understand what’s going on in the financial markets, the economy and the business world. They’re also looking for tools that can teach their children to understand, talk about and manage money.
Luckily, there are numerous resources, many free, that can help college students, teens and grade-schoolers begin to connect the dots. With that in mind, I recruited some financial education experts around the country to share their personal favorites about money.
A sampling of books, websites and phone applications that offer more substance than style:
BOOKS: Even a cursory review of The Berenstain Bears books by Jan and Stan Berenstain will uncover numerous titles that teach money lessons to young children. Books such as the "Trouble with Money" and "Dollars and Sense" are among the favorites of Susan Beacham, founder of the Chicago-based Money Savvy Generation.
For middle-school children, she recommends "Lawn Boy," by Gary Paulsen, and for high school and college-age readers, she likes "Welcome to Your Financial Life," by Virginia and Kenneth Morris.
Megan O’Neil, a finance educator at the University of Maryland extension service, suggests Chad Foster’s "Financial Literacy for Teens." At about 100 pages, the book is "not overwhelming at all so that a teen may actually read it," said O’Neil.
WEBSITES: Free is good, which is one reason why YahooFinance.com is a popular site for looking at stock market movers and what’s behind the mood swings on Wall Street.
The Morningstar.com mutual fund research site also has an array of free market tools and commentaries about the stock market. Unfortunately, you have to pay for the really good stuff, including Morningstar’s proprietary ratings information. Consider the 14-day free trial period.
Sam Renick, founder of the Los Angeles-based financial education company It’s a Habit, likes the interactive games and other kid-friendly information on Consumer Jungle at http://www.consumerjungle.org/. Check out the Fraud of the Month exercise.
Finally, did you know billionaire investor Warren Buffett has a cartoon and online community geared to money? It’s called the Secret Millionaires Club. Find it at http://www.smckids.com/.
APPS: There are many free and low-cost apps for smartphones that teach kids about money. Gyutae Park, with the Money Crashers personal finance blog, offered several favorites, including P2K Money and Kids Money, both available for Apple devices.
Kids Money, for example, teaches young children about saving and planning for long-term purchases, such as a bike.
