What parents need to know
Parents Need to Know
Parents need to know that this site teaches kids about money and investing through games, quizzes, articles, videos, and a virtual world where their avatars earn, spend, and invest. But the suggested age range of third to fifth grade may be a stretch. Most kids on the younger side of that spectrum may become overwhelmed by the many financial terms and numbers, large amounts of reading, and the barrage of (fantastic) information this site tries to pack in. Also, be aware of the large number of ads that may blend into the content -- many kids will need help distinguishing between the two.
What's it about?
Created in partnership with the National Council on Economic Education, MINYANLAND.COM is brimming with good information and fun ways to explore financial education, hosted by Hoofy the bull and Boo the bear. The economic system of Minyanland mimics the pricing of real-life goods and services, so kids get an idea of what it's like to start out with a certain amount of money and spend, earn, donate, and save wisely to live a healthy life. For example, kids can go to the movies and buy a hot dog, go to the mall, and buy a house. They can earn money through quizzes, lemonade stands, and more.
Is it any good?
This site is mostly right on the money, other than the overabundance of ads and the heavy focus on reading at a level that most third- to fifth-grade kids will find difficult. One article includes this sentence: "Capital market destruction is an inevitable comeuppance, the cumulative result of risk gone awry." Not exactly third-grade fare. But for older kids and parents, this site offers many fun ways to learn about and discuss money matters.
Families can talk about...
Families can talk about why it's important to learn about and be cautious with finances. How are the money choices you make in this virtual world different from what you might do in the real world? How much depends upon other non-economic factors -- environment, family, or other priorities that your family deems important when spending or investing money?