Teaching kids healthy financial habits

Teaching kids healthy financial habits

Health financial habits
Reading Time: 4 minutes

Research shows that one in four Canadians feel that talking about money is a taboo topic. While parents can begin teaching their children about financial literacy at any age, many avoid the issue. However, teaching kids about the basics of money at a young age can help better prepare them for major life decisions as an adult. With the right education and encouraging healthy habits early on, you can help your child prepare to save, maximize their own income, and manage debts in the future, which are priceless skills.

Make financial literacy fun for kids

Teaching kids healthy financial habits - BC Parent Newsmagazine
Financial planning

A good lesson for children to learn early on is the power of saving. That $20 bill Grandma gave them can supplement their allowance, allowing for a bigger purchase in the future if they save it now. To help demonstrate the benefit of saving, brainstorm some ideas with your child about what they might want to save up for. Remembering to keep things fun will yield the best results when teaching young children about money. 

Leveraging programs offered by local financial institutions can be a helpful and easy way to teach children about money management and financial values in an interactive way. For example, BlueShore Financial in Vancouver offers a “Wishbank” program that provides a free cardboard “Wishbank” divided into three parts labelled as save, spend, and share. Money can be dropped into each segment and can eventually be used to buy a much-anticipated toy, deposit a large sum at the bank, or donate to a good cause. All of these options should be encouraged and celebrated. These types of programs can be found at different financial institutions and are intended to ease children into financial literacy with simple, friendly guidance.

Teaching kids healthy financial habits - BC Parent Newsmagazine
Healthy financial habits

Use technology with teenagers

Teenagers are often among the most tech savvy of all of us, so why not take advantage of it? There are many reputable apps available for smart phones that can help teens (and adults) budget and keep track of their funds on a daily or monthly basis. Learning the importance of budgeting is a valuable skill at any age, and it helps create habits early on in life to set the framework for financial responsibility. Teens can track their allowance, payments received from babysitting or their job at the mall, and save up for something they really want over time. 

However, it’s always important to note that with technology can come some security risk, as cybersecurity is a growing issue in Canada, with individual Canadians losing millions to cybercrime fraud each year. Always read the fine print before downloading any apps. At the same time, you can use this as an opportunity to talk to your children about protecting themselves when using applications or online banking platforms.

Be honest with young adults

When it comes time for young adults to head off to post-secondary school, what they have learned about financial habits really comes in to play. They may need to budget for groceries or rent for the first time. It can be helpful for parents to be as open as they can about some of their own past financial regrets or experiences, as young adults can learn from these real-life examples.

And remember, although young adults may have basic financial knowledge, further mentorship might be needed as they can now qualify for credit cards, loans, and rental agreements. Being honest about your past mistakes with spending, saving, or debt can help them better understand the value of money and what not to do.

Family discussions about money are helpful at all ages, and as your child grows, you can introduce more sophisticated financial management concepts over time.

Woody Yang is a Financial Advisor with BlueShore Financial, committed to delivering expert advice and personalized solutions. She has over ten years of experience and holds the Certified Financial Planner® (CFP), Charted Investment Manager (CIM) and Fellow of CSI (FCSI) designations and is a Chartered Life Underwriter® (CLU). She is continually inspired by her clients’ life stories and dreams, and is passionate about the opportunity to help them achieve their goals.

Follow:

Trending

playdough

Rainy day activity – yummy, scented playdough!

6 Reasons Your Child Might Need Physiotherapy That Is Commonly Missed

BC Parent NewsMagazine Logo | www.bcparent.ca | BC Parent Logo

A quest for sleep – my sleep training diaries

child care

New and Exciting Child care Benefits!!!

Gift for good

Gift the Unexpected: 3 Unique ‘Gifts for Good’ Ideas that Help Children Worldwide

holiday traditions

4 Can’t Miss Holiday Events to Add to Your Exciting Family Traditions

Leave a Comment

Your email address will not be published. Required fields are marked *

Related Posts

Teaching kids healthy financial habits

A good lesson for children to learn early on is the power of saving. That $20 bill Grandma gave them can supplement their allowance, allowing for a bigger purchase in the future if they save it now. To help demonstrate the benefit of saving, brainstorm some ideas with your child about what they might want to save up for. Remembering to keep things fun will yield the best results when teaching young children about money. 

5 Great Tips to Finding the Right Tutor for Your Child

There are many reasons for a child to fall a bit behind in one school subject or another. Maybe your family moved and the new school does things differently, or maybe your child is operating on a different developmental clock than the curriculum.

Whatever the reason, being behind other learners is never a happy situation for your child. You may be able to do extra work at home to catch up, but often a tutor is the best way to help a child make great strides in learning.

Hiring a tutor is a serious venture. You don’t want to risk adding more stress to your child’s life and the additional expense can be a strain on your budget. You definitely want the dollars spent to bring positive results.

Maker-Minded: Raising DIY Kids

The Maker Movement is a quickly growing culture that embraces the idea that learning is done best through doing. It includes do-it-yourself individuals and groups that create things, and its members are producers more than consumers, says Irm Diorio, executive director of a maker space. While some makers work in maker spaces, others tinker in their homes and garages.

Top 5 money books for your kids

You can kickstart financial literacy at home with books designed for every age to teach your kids the ins and outs of money management.

Scroll to Top

Connect with us

Signup today for the latest parenting tips, contest alerts and local deals.

BC Parent Cookies | www.bcparent.ca | BC Parent

We care about your data, and we'd love to use cookies to make your experience better