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. 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.
— News Canada