Founded by Secret Millionaire, Gill Fielding

The Fielding Financial Blog

PASS GO AND COLLECT £1 MILLION: HOW MONOPOLY COULD MAKE YOUR KIDS SUPER-RICH

PASS GO AND COLLECT £1 MILLION: HOW MONOPOLY COULD MAKE YOUR KIDS SUPER-RICH

Playing Monopoly with children could dramatically boost their chances of becoming millionaires in adulthood. 

The classic board game encourages youngsters to take an active interest in money and, crucially, nurtures an instinct to "get more of it". In the space of just a few hours - or longer if family rivalry strikes - children as young as three can learn everything they need to know about getting and staying rich.

It teaches the core principle of finance and helps to develop key decision - making skills that can be leveraged in the business world when they grow up.

Children who can master Monopoly are twice as likely as their peers to become independently wealthy adults.

If we want our children to become financially secure and financially responsible adults, then we must introduce them to money and financial matters as children.

Profit-making games like monopoly and others are ideal educational tools in this regard because they educate young people about how money can be earned, how easily it can be lost, and how to get more of it according to circumstance.

These are key lessons in strategic thinking which, if fostered at a young age, will give aspirational children a significant edge over their peers and competitors when they grow up. There is no doubt in my mind that children who are introduced to financial concepts will if they so choose, go on to become hugely successful individuals.

For most families, Monopoly is a customary - and row-inducing- appearance on Christmas Day. It is generally not considered suitable for young children because of the complexity of the rules. 

Savvy parents should introduce it early, and use it as an educational tool throughout the year. Lessons learned on a board game can be applied in the boardroom in later life.

A weekly game, not only develops youngsters' numeracy and lateral thinking skills but teaches them about the value of money and how quickly it can be won and lost. It also covers the basics of supply and demand while exposing young players to commercial risk, competition, and reward.

Monopoly and other profit-focused games give children "a thorough financial education" and are more beneficial than traditional toys.

The importance of play cannot be overemphasised. But whilst traditional toys have their place, they offer remarkably little practical value in respect to educational learning. Parents should instead consider playing more money-related games like Monopoly, The Game of Life, supermarkets and running a bank. Doing so will cultivate a positive attitude towards money that will stand them in good stead as adults."

The recent launch of my charity Money Mum was founded with the intention of providing the UK with their financial five a day, based on the belief that by providing a financial education you can secure a better financial future early on. 

We believe that with a positive and informed attitude towards money, there's nothing stopping children from achieving financial success in later life. This is an important pursuit. Wealth creation is not an end in itself but the means by which people can become free to pursue their personal goals and interests.

Learn more about our charity Money Mum at: https://www.moneymum.com/

With health, wealth and happiness,

Gill Fielding