Financial Literacy Made Fun!
Accounting for Kids, Inc. makes financial literacy as fun as a ride in the park! Based in Cincinnati, the nonprofit supports and mentors disadvantaged kids in local school districts. They do this with the help of an army of financial and business professionals who serve as tutors.
Now in its 19th year, Accounting for Kids offers children fundamental concepts in finance, accounting and economics using fun and interactive games. In just a few hours of time one day, volunteers can make a real impact in the lives of these students. Madison’s Mark Hogan, CWM, senior wealth advisor, and Julie Albright, CFA, CFP, senior wealth advisor, volunteered to tutor again this year, introducing accounting concepts and money management skills to kids in the fifth grade classroom at Winton Hills Academy.
The kids began by choosing team names. This year, the Moolah Gang competed against the Moneymakers to test money management vocabulary, and savings possibilities. Participants were encouraged to choose the right path for the best rewards. The goals included working together as a team, and to save as much money as possible while purchasing key inventory items. The team with the most key inventory and the most money at the end of the game wins the game!
After the game, Mark and Julie discussed paths chosen by each of the teams, why they chose those paths, the decisions made to roll or buy inventory items, and so on. Essentially, the process covers the concept of risk and reward while making financial and personal decisions. It is a way to kick-start their financial literacy, to think about what it means to be financially responsible, by prioritizing purchases, setting a budget, saving money and not taking on excessive debts.
More than 600 volunteers were present this year, reaching 131 classrooms in the greater Cincinnati community. While organizations like Accounting for Kids as well as schools can reinforce financial literacy, parents are probably the number one influence on their children’s financial behaviors.
If you are interested in helping to create a generation of conscientious consumers, investors, savers, and givers, please contact Accounting for Kids, Inc.