Arizona Treasurer Kimberly Yee says teaching kids about money can be fun

Apr 27, 2023, 1:00 PM | Updated: 1:28 pm

“The ability to help them save money will allow them to be successful in the future,” Arizona T...

“The ability to help them save money will allow them to be successful in the future,” Arizona Treasurer Kimberly Yee said. (Twitter Photo/@AZTreasurerYee)

(Twitter Photo/@AZTreasurerYee)

PHOENIX – Teaching children about money can be intimidating, but there are ways to make the important task fun, Arizona Treasurer Kimberly Yee said.

Yee has been going into schools as part of National Financial Literacy Month, which runs through April, to introduce students to basic money skills.

“The ability to help them save money will allow them to be successful in the future,” Yee told KTAR News 92.3 FM on Wednesday.

She said a good way for parents to start teaching their kids about money is to pay them to do chores.

“Once children are earning that money, they are able to really see its value and spend it wisely,” she said.

Yee says kids can learn about what their money is worth, and how to be patient with it, with trips to buy toys at the dollar store.

“Oftentimes after you visit the dollar store a few times, they get bored with the product and the merchandise because it’s the same, so they say, ‘Well, can we go to the other store that has bigger toys?’” she said.

“Well, the first thing I say is, ‘We are going to need to save a little longer to get the bigger toys.’”

Yee also said families can use crafts, like painting a pottery piggy bank or making a duct tape wallet, to make learning about saving fun. She also said it’s good for parents to talk to kids about the family budget, spending and prices while grocery shopping and buying gas.

“That is something that is engaging your child in a real way to show them that it really does take effort to pay the bills,” Yee said.

“And in that they start thinking at an early age about the importance of money management.”

The treasurer has made financial education a priority since taking office in 2019, when she created the Financial Literacy Task Force to raise awareness of simple financial skills throughout the state.

The Arizona Treasurer’s Office website also has a financial education portal with tips, activities and resources for people of all ages.

“I do believe there is a direct correlation between how our families manage their money and the greater fiscal health of the state of Arizona,” she said.

KTAR News 92.3 FM’s Kate Ourada contributed to this report.

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Arizona Treasurer Kimberly Yee says teaching kids about money can be fun