(NC) Teaching kids about money is as important as teaching them to read and write. But how can parents start early to develop their children's financial know-how?
The Financial Consumer Agency of Canada (FCAC) suggests that as soon as kids can count, parents can introduce the basics about money, such as the value of different bills and coins, where money comes from, and how to use jars for savings and spending. As kids grow older, parents can add concepts like income, expenses, budgeting, and defining financial goals, for example, saving for a special purchase.
Talking about money when children are present allows them to become familiar with financial terms, and helps them understand household expenses that are part of the family budget and the difference between needs and wants. Lessons they'll need as adults to make smart financial decisions.
The Manitoba Securities Commission's Make it Count resource helps teach these basic lessons. FCAC's life event, Teaching Children about Money, shows parents how to provide basic money management skills as children grow. An interactive online resource developed by FCAC in collaboration with the British Columbia Securities Commission. The city teaches young people financial skills that will serve them throughout their lives. It can be taught in a classroom or used individually. All these resources can be found through itpaystoknow.gc.ca.
November is Financial Literacy Month and presents opportunities for Canadians of all ages to enhance their financial knowledge. Organizations across the country will host events that help build money management skills and knowledge. You can find events in your area on the calendar of events at itpaystoknow.gc.ca/flm.
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