Introduction to Money for Kids and Teens
This video explains the concept of money in a simple, concise way for kids and beginners. It could be used by kids & teens to learn about money, or used as a money & personal finance resource by parents and teachers as part of a Financial Literacy course or K-12 curriculum.
Suitable for students from grade levels:
- Elementary School
- Middle School
- High School
The topics covered are:
What is Money?
Money is a medium of exchange – it is something everyone is willing to accept in exchange for goods and services.
Although money has taken many forms over time, currently it’s most commonly seen as bills and coins.
What about credit & debit cards, and apps like Apply Pay, Google Pay, Venmo, etc?
That’s an excellent questing, Sooper Cooper! They are not money by themselves – they are used to pay money, without using physical money like bills and coins.
Similarly, cash equivalents like checks and money orders are also not money, but modes of payment.
What did people do before money?
Initially, people used to exchange goods for other goods, which is called barter. Throughout history, people have used shells, beads, gold & silver coins, etc. as money.
Who creates money?
The government of each country creates money that’s used in that country, and that is the currency for that country.
For example, the US Department of Treasury prints Dollar bills and mints coins that are used in the US.
Banks deal with a lot of money.
Do banks create money too?
No, only governments can create money.
Banks help circulate the money through the economy. Banks also store money on behalf of people and businesses.
Video Featured in the Below Financial Literacy Course for Kids & Teens
Download Transcript: Ideal for Use by Teachers in their Lesson Plan to Teach Kids & Teens
Podcast: What is Money
Fun, informative and concise episodes by a 10-year old, breaking down complex financial concepts in a way that kids and beginners can understand. Episodes cover personal finance topics like saving, investing, banking, credit cards, insurance, real estate, mortgage, retirement planning, 401k, stocks, bonds, income tax, and more, and are in the form of a conversation between a cowboy (a finance novice) and his friend, a stock broker. Making finance your friend, only at Easy Peasy Finance.
A little bit about me: I have been fascinated with the world of personal finance since I was 6! I love to read personal finance books, and keep myself updated on the latest by reading various personal finance magazines. My friends often ask me questions about finance because they find it complex and intimidating. That’s what inspired me to start my YouTube channel called Easy Peasy Finance when I was 8, and this podcast 2 years later.
Everything you need to know about money: What is Money; are credit & debit cards and apps like Apply Pay, Google Pay Venmo, etc also money; what did people do before money; who creates money; banks deal with a lot of money – do banks create money too; and more.
Show notes and transcript at: https://www.easypeasyfinance.com/money-for-kids-teens-financial-literacy/