Vancouver banker Herman Day offers playful, age-appropriate strategies to build financial literacy from preschool through adulthood.

Herman Day says talking about finances might sound stressful, but it doesn’t have to be

Herman Day
for Clark County Today

Talking about financial literacy is never more important than during a time of economic uncertainty. With so many finance topics in the news lately – from inflation to tariffs to trade wars – this is a great time to remember that learning about finance is a lifelong journey.

And while talking about finances might sound stressful, it doesn’t have to be. In fact, it will help ensure you’re in the driver’s seat to control your finances – and, might even be a little fun.

Studies show that financial literacy is seriously lacking — only 19% of millennials say they have a strong understanding of personal finance, with many carrying significant credit card debt, rely on high-interest payday loans, or don’t have an emergency fund. But it doesn’t have to be this way. We can do better for the next generation, and it starts with simple, age-appropriate money lessons. Here’s how to make learning about money engaging at any stage of life.

Ages 3-5: Play your way to money smarts

At this age, kids are just starting to understand the basics of how the world works, making money lessons are simple and fun. Try these playful activities:

Play Store: Set up a pretend shop where kids can “buy” and “sell” toys using play money. This introduces the idea of transactions and prioritization.
Coin Match: Teach kids to recognize different coins by playing a matching game with real or toy money.
Coupon Hunt: Let kids help clip coupons and find matching products in the store. They’ll feel like they’re on a treasure hunt while learning about savings!

Ages 6-11: Building money habits

This is the prime time to start giving kids hands-on experience with money. If they’re earning an allowance or chore money, introduce the Jar Method:

Save Jar: For big goals, like a new toy or game.
Spend Jar: For fun, everyday treats like candy or arcade games.
Give Jar: To donate to a cause they care about, teaching generosity.

For a little extra learning, break out board games like Monopoly or The Game of Life — they sneak in financial lessons about rent, taxes, and budgeting without feeling like homework.

Ages 12-18: Real-world readiness

Teens are ready for more complex money concepts, like budgeting and planning for the future. A great way to start is with the Potatoes vs. Gravy Game:

Potatoes = Needs (like food, rent, or school supplies — things you must have to live).
Gravy = Wants (extra things that are nice but not essential, like designer sneakers or concert tickets).

You can also introduce the 50-30-20 Rule for budgeting:

50% for needs (potatoes!)
30% for wants (gravy!)
20% for savings

Encouraging teens to track their spending and set savings goals prepares them for bigger financial decisions when they get older, like getting a credit card, taking out student loans, or buying a car. You could even consider a matched savings agreement. Offer to match their savings toward a special goal and encourage them along the way. It creates a sense of accomplishment when they hit their target and instills in them a good work ethic. This is also a good time to explore a teen savings account, which will give your child real world experience with saving money.

Adults: Because we’re still learning too

Let’s be real — just because we’re adults doesn’t mean we’ve got everything figured out. Managing money is a lifelong skill, and a few smart habits can make a big difference:

Set a family budget — keeping it simple helps prevent financial stress. There are many apps out there that can assist with this, sending alerts when you hit milestones or letting you know when you’re near your budget cap.
Put away the credit card when possible — swiping is easy, but paying off debt is hard! Many adults today still don’t fully understand how interest works on a credit card. Credit debt compounds daily, so the longer you carry a balance, the more you’ll end up owing. This compounding interest can quickly spiral out of control, so it’s crucial to understand how much you’re really hurting your finances by carrying credit card debt.
Talk openly about money with your partner and family — it’s one of the biggest stressors in relationships, but honesty helps. The more often you talk about it, the easier it gets.
Check in with aging parents — knowing where they bank, if they have a will, or how they’re managing retirement income can prevent future headaches. Older seniors can also easily fall prey to scams and bank fraud. Talk with your aging parents about suspicious phone calls asking for personal information, or emails with attachments or links that could take over their accounts and help safeguard them from becoming a victim.

Making money fun, not scary

Talking about money can bring up a whole host of emotions. Personal financial struggles and a lack of financial literacy can make conversations about money difficult. But it doesn’t have to be stressful, or boring. By making financial lessons less intimidating, practical, age-appropriate, and maybe even a little fun, you can help the next generation — and yourself — build financial confidence and wellbeing.

Herman Day has been the downtown Vancouver branch manager for WaFd Bank since March. He is also a new father, welcoming his first child in March.

Also read:

Opinion: President Trump signs memorandum to protect the Snake River dams
Todd Myers argues that President Trump’s new memorandum rescinding Biden-era policies is a positive step toward protecting the Snake River dams, energy reliability, and salmon recovery.
Opinion: Why would C-TRAN Board members put the agency on the hook for $7.2 million annually if they don’t have to?
Ken Vance questions why C-TRAN Board members would commit the agency to $7.2 million in annual light rail costs when the IBR administrator says alternative funding is possible.
POLL: Is the IBR team listening to SW Washington?
A new poll invites Clark County residents to weigh in on whether local taxpayers should be responsible for the cost of light rail operations in the I-5 Bridge Replacement Program.
Opinion: How to use a two-way left turn lane
Doug Dahl explains the legal and safety reasoning behind using two-way left turn lanes for both entering and exiting traffic.
Opinion: Washington’s CO2 tax jumps 16% in just three months to about 46 cents per gallon
In an opinion column, Todd Myers of the Washington Policy Center argues that Washington’s carbon-tax price rose 16 percent last quarter to the equivalent of about 46 cents per gallon of gasoline, yet provides little measurable climate benefit.