Tips to teach your kids the basics of personal finance

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Teaching children important life lessons is one of the many roles of a parent. One area that’s often overlooked is financial literacy. Helping children understand the basic principles of things like savings, interest and debt will teach them to make informed decisions with their money.

There are many everyday opportunities to help build their knowledge.

You can start by giving them an allowance for doing chores. Then, explain how they can immediately use that money to buy something small or save it for a bigger item on their wish list. Open a children’s savings account so they can see first-hand how interest grows.

Take them grocery shopping and explore concepts like the potential savings of buying in bulk but that you may not have enough money left for other necessities.

When paying, explain why you used cash, debit or credit.

Teaching kids key financial concepts early sets them up for a lifetime of success.

Find more financial literacy tips at canada dot c a slash money.

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