If You Made a Million by David M. Schwartz

They have met the test of time, and many of today’s young parents probably grew up with them. For pre- and early readers, any of the Berenstain Bears books would be an appropriate choice. Because of the large age range we cover in this review, roughly ages 3 to 12, we chose two “best overall” picks. There is no shortage of good money-related books for kids, from little ones who enjoy being read to by an adult to older kids who can read independently. For the details on how we chose these particular books, please see the “Why Trust Investopedia?” section below. So in this review of the best financial books for kids, we start with a few titles for pre-readers and work our way up to books that kids can read on their own. By age 7 or 8, many kids have a pretty good grasp of those concepts and even of how money substitutes like credit cards work. How young is too young to begin? A review of the academic literature by two child development experts at the University of Cambridge in England suggests that by age 3 or 4, most kids have figured out that money can be used to buy things, though they might not understand that coins have different values (and big coins aren’t always worth more than littler ones) until age 5 or 6. For younger kids, reading a book together is also an easy way to facilitate a conversation about money, including difficult topics, such as when a parent loses their job or the family can't afford to buy something the child wants. Add in the 26% who said they were somewhat reluctant, and you have a stunning 62% majority of Americans.Īsked about the reasons for their reluctance, 56% of parents said their kids were too young to understand, 41% said they had too many other things to worry about, and 28% admitted being embarrassed by the state of their own finances.įortunately for parents who lack the expertise, time, or inclination to discuss money matters with their kids, there are plenty of books on the subject. Rowe Price, 36% of parents with children under age 18 said they were either very or extremely reluctant to discuss financial matters with them.

In a 2021 survey by the investment firm T.

Talking about money can be hard for lots of people, especially parents and their children.

If You Made a Million by David M. Schwartz