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April 17, 2021

Money talks with your kids

Talking to your kids about the birds and the bees is all a part of them growing up.

But did you know that talking about money is just as important.

According to a new poll by BMO Financial Group, 96 per cent of Canadians believe teaching children about money matters is key to a healthier economy.

However, even though parents recognize the importance of talking to their kids about financial matters, only 18 per cent are actually spending time doing it.

In fact, the study revealed parents spend more time talking to their children about school (62 per cent); hobbies (50 per cent); their friends (47 per cent); and their future (37 per cent) rather than financial matters.

Many parents polled figured more should be done in school to teach students about personal and household finances. In fact, 31 per cent ranked financial literacy as one of the top three most important subjects to be taught at school, next to social sciences and humanities.

L. Jacques Menard, chairman of BMO Nesbitt Burns and vice-chair of the Federal Financial Literacy Task Force, says, "The survey results clearly indicate that Canadians put a premium on getting to our kids early to teach them the basics of personal finance and that we, as a society, need to place more of an emphasis on this.

"Ensuring Canadians are armed with the knowledge and resources to become financially literate is key to the financial well-being of families, as well as the overall economy. This needs to continue to be a focus for all involved."

The study also found 43 per cent of those polled believe children under the age of nine should have a basic understanding of finances, while 79 per cent think pre-teens have a good handle on personal finance matters.

To help encourage the conversation about money matters between parents and their children, BMO and the Canadian Foundation for Economic Education (CFEE) have joined in partnership to launch the first annual Talk with our Kids About Money Day on April 17.

The CFEE has created a program which offers online resources and tools to assist families and educators in learning more about talking to kids about personal finances.

It's worth checking out.

By Donna Donaldson, MSN Money

Do you believe it is important to teach children about money matters? Do you talk to your kids about personal and household finance matters?



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Gordon PowersGordon Powers

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