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Introductory Books to Teach Your Kids About Finances

Written by Banks Editorial Team

Updated September 18, 2023​

3 min. read​

Financial literacy is a vital skill that can help children grow into savvy adults and introductory books for kids can help you teach your children about finances. Unfortunately, studies indicate that many children do not learn the necessary skills to become money smart in adulthood. One study of 15-year-olds found that 18 percent had not learned basic financial skills such as setting up a budget. In contrast, another survey found that 73 percent of youth were unable to calculate interest rates or define the concept of inflation. Therefore, parents are in an excellent position to begin teaching their children the fundamentals of financial literacy, thus setting them up for future success.

The Significance of Making Kids Money Smart

Although the ability to save is important, making kids money smart has an array of other significant advantages. It will help them avoid scams and predatory lending practices later in life and make it easier for them to spot good deals and sound investment strategies. Financial literacy will also ultimately help children understand their workplace benefits. Additionally, teaching children about money will set them up to understand how to build good credit as adults. All of these skills will ultimately help children grow up knowing how to:

  • Avoid unnecessary debt
  • Build good credit
  • Calculate interest
  • Identify good investments

Introductory Books to Teach Kids About Money

While modeling good financial behavior is an important step in teaching kids to be money smart, there are many other ways parents can help their children learn these valuable skills. Introductory books for kids are an excellent and relatively easy way to begin teaching financial literacy. To help you sort through the many options, here are five excellent books to start with.

Heads Up Money

“Heads Up Money” by Marcus Weeks is aimed at slightly older kids, beginning at grade 5 and continuing through high school. This book is ideal for curious kids and teenagers who tend to ask a lot of questions. Rather than focusing on one concept, “Heads Up Money” discusses an array of unique and fascinating questions that will have kids eager to learn more. 

This book is split into five sections: Show Me the Money, What’s It Worth, Does Money Make the World Go Round, Can Money Buy Happiness, and What’s in My Pocket. These sections focus on everything from cryptocurrency to hyperinflation. It answers questions such as “What would happen if a bank simply printed more money?” For anyone looking for a well-rounded and fascinating introductory book for curious kids, “Heads Up Money” is a great place to start.

If You Made a Million

Slightly younger children may be more intrigued by “If You Made a Million” by David M. Schwartz. This introductory book is aimed at kids between the ages of 4 and 8 who are just beginning to learn money smarts. Rather than discussing financial facts in a straightforward way that may become boring to younger readers, “If You Made a Million” introduces a playful character called Marvelosissimo the Mathematical Magician to help explain fundamentals such as investing, earning money, and earning money interest, and cashing checks. Although it was initially published in 1989, it has continued teaching kids money smarts well into the 21st century.

How to Turn $100 Into $1,000,000: Earn! Invest! Save!

This book is written by James McKenna, Jeannine Glista, and Matt Fontaine, better known as the creators of the iconic educational show “Bill Nye the Science Guy.” Designed for kids ages 10 – 14, “How to Turn $100 Into $1,000,000” focuses on teaching children how to begin accumulating wealth. It is comprehensive without being dense, and it explores everything from writing resumes and finding a job to creating a savings account and taking advantage of compound interest.

Money Ninja

Your child may already be a fan of the Ninja Life Hacks series — and if they haven’t heard of it, this introductory financial book is an excellent place to start. Written by Mary Nhin, “Money Ninja” focuses on teaching three fundamental skills:

  • Saving
  • Donating
  • Spending

For younger kids aged 3 – 11, this book is an excellent introduction to basic fundamental money skills.

More Money, Please: The Financial Secrets You Never Learned in School

Finally, older teens getting ready to venture out on their own will likely learn a lot from “More Money, Please: The Financial Secrets You Never Learned in School” by Scott Gamm. Gamm is known for founding the financial website when he was just 17 years old, a move that launched him into the spotlight as a financial news commentator. This comprehensive guide dispenses various financial knowledge vital to teens and young adults about to leave home. A few areas of focus include:

  • Sticking to a budget
  • Building credit
  • Managing student loans
  • Saving for retirement

Other Ways to Invest in Your Children’s Future

Teaching your kids to be money smart is imperative in helping them achieve financial success in adulthood, but there are other ways to begin investing in your children’s future. These include:

  • Purchasing a U.S. Savings Bond
  • Opening a basic savings account
  • Setting up a Custodial Roth IRA

Teaching your child financial literacy sets them up for success in adulthood as they begin navigating investments, credit, loans, and budgets. By modeling good financial behavior, investing in your child’s future, and reading introductory financial books, you are well on the way to making your kid money smart.

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