The Federal Reserve Bank gives parents a way to teach kids smart personal finance

Father and son putting coins in piggy bank

Father and son putting coins in piggy bank

A Sheep in a Shop and the Berenstain Bears collections are popular books that parents to read to children.

The lessons are usually straightforward in kids lit, but there’s a way to make that reading time even more beneficial.

A new set of free questions-and-answers created by the Federal Bank of St. Louis gives parents a way to teach young children about personal finance and economics while reading well-known books together. They’ve created questions (and answers) for 20 titles. For example, the book “Alexander, Who Used to be Rich Last Sunday,” has six question prompts: Where did the kids get their money? Were his brothers good at saving? Was Alexander good at saving? Why or why not?

Each question also includes an answer. They help parents teach about saving, spending, personal finance and other economic topics. The sooner parents can get children thinking about managing money, the better.

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