Today's children are growing up in a world of increasing financial complexity, and many lack opportunities for acquiring the types of knowledge and skills that contribute to financial wellbeing. Recognizing this challenge, in 2007, the Financial Industry Regulatory Authority Investor Education Foundation (FINRA Foundation) and the American Library Association (ALA) joined forces to help public libraries build their financial education programming capacities.

A key part of this initiative is a project called Thinking Money for Kids (TM4K). Using games to teach specific financial concepts such as budgeting, saving, spending, and investing, the project is dedicated to helping children learn about money in ways that are both fun and understandable. After designing and distributing two traveling exhibitions for children, caregivers, and educators, in 2023, ALA and the FINRA Foundation developed a TM4K resource kit for libraries that lacked the space, capacity, or expertise to host a financial education exhibit.

Three hundred libraries received these kits, which included five in-person, finance-themed games:

• Penny Pinchers' Party - A game that gives players $100 and asks them to plan a party that keeps their expenses within budget;
• Piggy Bank Theater - A game that uses stories to demonstrate the importance of balancing earning, spending, and saving;
• Pet Cents - A game in which players adopt an animal and engage in various transactions to meet their pet's needs;
• Currency Conga - A game that teaches currency recognition and money math skills through movement; and
• Making Mooo-lah - A collaborative game that has players work together to manage a farm.

Over a 16-month period, participating libraries incorporated these games into financial education programs. To ascertain the program's impacts, we analyzed data from library applications, reports, focus groups, and conversations on ALA Connect. We found that the T4MK kits filled a critical gap in libraries' financial education programming capacities. The kits were also a big hit for children, who "really had a great time" playing the games and expanded their financial capabilities. In what follows, we detail some of the specific skills children developed through engagement with the TM4K kits.

Budgeting

Libraries agreed that the games taught children about "the importance of budgeting and avoiding overspending when making purchases." Many pointed to the value of Penny Pinchers' Party here, saying that working with a limited budget "really made them think about what they really wanted."

Budgeting was also a component of Pet Cents. When talking about this game, one library worker shared feedback from a parent whose children played it at the library. "I've never seen my kids come home so excited from a library program," the parent exclaimed, adding that the game had taught their children that "they would need to get jobs if they wanted a pet."

Planning and Responsibility

Learning how to save and spend money responsibly was another result of playing these games, libraries agreed. Many shared examples of how children came away from these games with a deeper appreciation for "how much planning certain things involve." By simulating the experience of visiting the vet, buying food, and purchasing pet supplies on a strict budget, Pet Cents demonstrated the continuous, sometimes hidden costs of keeping animals happy and healthy.

Along similar lines, libraries said that Making Mooo-lah taught children "what it is like to be an adult (paydays, taxes, making decisions, taking calculated risks, and preparing for the unexpected) in an incredibly fun way." Libraries also said that Making Mooo-lah illustrated some of the challenges involved in running a business. "Students were very surprised to learn that the wrong decisions could cost them their farm," one staff person said. At times, these surprises opened the door to additional learning — for example, different types of insurance and why they're helpful to have.

Arithmetic

While playing, staff frequently observed children performing basic arithmetic. During Penny Pinchers' Party, staff at one library shared, "kids were adding and subtracting and looking for deals on how to keep money." Pet Cents also prompted these skills, and because keeping track of the math in this game was sometimes challenging for younger participants, libraries often paired these players with older children who could count — creating a collaborative learning moment by having groups work through calculations together.

Often, children were so engaged with the games that they "didn't realize" they were doing math. As staff at one library put it: "Parents loved that kids were doing math that was fun and didn't feel like a lesson." At another library, staff spoke of two children who returned again and again to play a game, noting that "their mom was so excited to see them using their money math skills they had been working on."

Additional Lessons

Staff observed children developing a number of more general transferable skills like teamwork and collaboration. One library worker saw clear evidence of this when children played Penny Pinchers' Party. "It was more than just sharing," they explained: "kids had to listen to each other, make decisions together, and explain their choices." "That kind of teamwork is a new and developing skill for a lot of this age group," they added, "and it was really rewarding to see them navigating it so thoughtfully."

Creativity was another skill these games helped children develop. While playing Penny Pinchers' Party, one library worker mentioned, children often came to realize they could be creative with their purchases — that "there are many options always available to them that are low cost or free." On a related note, staff at another library shared how Making Mooo-lah taught children that seemingly un-economic choices can sometimes bring financial benefits. "Some of the buys that seemed frivolous actually ended up being useful," staff shared, adding that this "surprising" finding "made them think about how you have to have recreation, not just all work."

Let's Put it To Work

By making use of the TM4K kits, libraries were able to better position themselves as sites of financial learning. The kits are also available online as digital games, and can be incorporated into any financial education programs for youth. If you work in a library, school, or any other organization dedicated to children's learning, check them out and the downloadable resources that come along with them! And to learn more about the program's impacts, click above to read our evaluation report in full.

Funding

These materials were produced for Thinking Money for Kids, a project supported by the American Library Association and the FINRA Foundation. Any opinions, findings, and conclusions or recommendations expressed in this material are those of the authors and do not necessarily reflect the views of the American Library Association or the FINRA Foundation.

Photo Courtesy of Junction Library (Perry County District)