Financial lessons for all ages

An early start to financial education yields the best results.

NEW YORK (Money Magazine)

Make it fun. "A game can be a spark plug to get kids thinking," says Dan lannicola of the Financial Literacy Group consulting firm.

One diversion: Tykoon, a free iPhone app that shows your child how payment for small chores can add up to the price of a big-ticket purchase.

Talk the talk. "To kids, money is a foreign language," says Sabrina Lamb, author of Do I Look Like an ATM? Just as they learn languages best amid native speakers, they'll get fiscally savvy immersed in talks about money.

Related: Teaching kids financial literacy

One Lamb suggestion: Ask how they think your family could cut costs. Find more topics at moneyasyougrow.org.

Test your smarts. Think you're an economic know-it-all? Find out for sure on the new Money Quiz section of the congressionally chartered MyMoney.gov website.

Answer a brief set of questions on subjects such as investing and borrowing; if you get anything wrong, you can follow links to online resources for further learning.

Related: Financial education -- Does your state make the grade?

First Published: August 1, 2013: 4:23 PM ET

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