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Alexa, How Do I Teach Mini Millennials About Money?

Alexa, How Do I Teach Mini Millennials About Money?

money
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Kids and Money

Something’s in the air and it’s not just the silent alarm of a much-needed diaper change. While you and your other half grapple with who’s taking the night shift and who gets some extra shuteye, a conversation about money will feel like your last priority.  

Nevertheless, the sooner our kids are taught the basics of money, the sooner they’ll become financially literate.  

Generation Alpha (born in 2010 – 2024) is expected to be the most formally educated, tech-savvy and wealthiest generation in historyi. However, the lifelong lesson of money can’t be downloaded as an app and absorbed in an instant. Instead, real life teachable moments can be applied to the all-important financial literacy conversation.  

And, just as critical as the discussion with your children is, you and your partner need to be on the same page. That’s why this year, Chartered Professional Accountants of Canada (CPA Canada) is helping Canadians take a temperature check on the financial chemistry they have with their partner and whether they feel empowered to discuss money with each other and loved ones. 

CPA Canada recommends some areas to consider when teaching your kids about money:    

  • Partners in finance: While parents don’t always see eye to eye, money is a conversation that requires clear communication and compatibility before you talk to your child.  
  • ABC’s and 123’s: Start the conversation with your kids early. It’s never too soon to show them the value of dollars.   
  • Make it relatable: Use real life ‘teachable’ moments to kickstart lessons in financial education. With assistance, letting your child pay at the grocery store gives them confidence with transactions.    
  • Pennies to profit: Teach your kids the long game. By providing small allowances and exploring spending goals, your kids will learn from an early age the importance of budgeting.  
  • Continue the conversation: Financial lessons won’t be digested in a one-time talk. Keep checking in with your kids and encourage them to learn.  

It’s never too early to start implementing money lessons at home, but Canadian parents shouldn’t feel like they’re on their own. CPA Canada has a range of tips and resources to help guide the money conversation with your future financial whiz kid.

From the cost of that video game that they really, really want, to managing a credit card, check out CPA Canada’s free financial literacy workshops that you can download anytime, and pick up a copy of its Raising Money Smart Kids book.

About the author
Vivian Leung is a Senior Principal in CPA Canada’s Taxation group. She is passionate about advancing financial literacy amongst Canadians and is the co-author of CPA Canada’s book “Babies: how to afford your bundle of joy.

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