Money Talks: Teach your kids good money habits
(NC) Talking to kids about money management and financial literacy can be intimidating, especially if you feel like you’re not a financial whiz yourself. Perhaps you never got much financial education from your parents, or you grew up with financial insecurity. Did you know that one third of Canadians according to Statistics Canada indicate they struggle to manage their day-to-day finances, and many avoid talking to their kids because they feel they’re too young?
Here are some helpful reminders for talking about money with kids.
Talking about money isn’t taboo
In some households, money is attached to self-worth, in others to poor choices, and for some, they just aren’t comfortable discussing it. However, learning about money at home can help teach kids that money is not something to avoid talking about – and that’s a valuable lesson to carry into adulthood where financial confidence leads to more success. It doesn’t always have to be a structured conversation. You can use everyday activities as teachable moments or try digital learning tools like Mydoh to empower kids for their future.
Keep the conversations honest
Despite some fears adults have, open discussions about money among the family will help kids have the knowledge and confidence they need to make money-smart decisions. Honesty is truly the best policy, but if it feels daunting, take a family-first approach. This could mean setting a savings goal for a vacation together, having in-the-moment conversations about money at the grocery store, or simply being honest about your money mistakes so that your kids can learn from them.
Start the discussions early
The earlier you start talking to your kids and teens about financial literacy, the more confidence they’ll have in managing their own money down the line. Given responsibility, experience and a little guidance, kids can get a head start in shaping strong financial futures for themselves.
Find a starting point to help your kids understand money at mydoh.ca or download the app.
Media Attachments Related Posts
All News Canada content is provided free of charge. Any source/sponsor of the information must also be identified as presented. For articles, credit of usage must be attributed to News Canada with "(NC)" at the beginning of an article or "www.newscanada.com" or "– News Canada" at the end. Images are only to be used with corresponding editorial copy. Usage of News Canada content constitutes your acceptance of these terms and an agreement between you and News Canada.
Disclaimer: Comments and opinions in News Canada content are those of their respective contributors only. The views expressed do not necessarily represent the views of News Canada Inc., its management or employees. News Canada Inc. is not responsible, and disclaims any and all liability, for the content of comments provided by contributors.