Children ages 8-12 spend nearly six hours per day with digital content, but they receive little formal instruction related to managing privacy online. In this study, we explore how games and storytelling can inform the development of resources to help children learn about privacy online. We present results from three co-design sessions with a university-based intergenerational design team that included eight children ages 8-11. During these sessions, we reviewed existing privacy resources with children and elicited design ideas for new resources. Our findings yield several recommendations for designers. Specifically, online privacy-focused educational resources should: (1) include relatable elements such as familiar characters and easily understandable storylines, (2) go beyond instructing children through "dos and don'ts" and equip children to make privacy-related decisions, and (3) expose children to a range of privacy consequences, highlighting the positive and negative outcomes that can result from disclosing and managing information online.