Send your kids to Money Island

Looking for somewhere to take the kids these holidays that’s free, lots of fun, and gives them valuable skills they can use for life?

Visit the Kids & Money section of the Retirement Commission’s Sorted website.

Kids & Money is designed to help kids aged 5 to 12 years understand some basic concepts about money matters – while they’re playing on the computer!  

Children follow the animated Sorted mouse through three levels of interactive games and activities on and around ‘Money Island’. They can play the games with you, with other family members, or by themselves.  

Kids & Money is also where you’ll find these tips to help you encourage and teach your kids about money. We call them the ‘8 rules for Sorted parents’:  

1. Encourage your kids to save for things they want.

Try to make it fun – consider incentives and rewards, but do what you feel comfortable with and can afford.  

2. Use everyday encounters to help kids learn about money.

Make informal money lessons from visiting a money machine, or opening bank statements or bills.  

3. Explain interest.

Kids need to know that you can earn interest by saving, and that you pay interest when you borrow.  

4. Be aware of money personalities.

Encourage your kids to be aware of the relationship they are developing with money – are they more inclined to spend or save? Different personalities may require different approaches.  Do the Money Personality Profilers on www.sorted.org.nz   – there’s one for kids and one for adults.  

5. Talk about money with your kids.

It's from discussions about subjects like “How much money do you make?”, or “Why can’t I have one?”, that children learn their most lasting lessons about the value – and the values – of money.  

6. Be consistent.

If you’ve made a rule or an agreement about money with your kids - be decisive and stick to it! 

7. Keep records.

Encourage your kids to keep written records of income and expenditure to get into the habit of account-keeping. Show them yours.  

8. Find out what's happening at school.

Schools also have a key role to play in encouraging financial awareness.  

Sorted is the Retirement Commission’s free and independent personal finance website. It’s packed with information, tools and calculators to help you (and your family) manage your money.