According to BMO Bank of Montreal’s most recent financial literacy report-card, more Canadians would rather talk to their kids about the facts of life than they would their finances. Not surprising, given the numerous financial-handling tools, strategies and institutions offered to Canadians today.
When it comes to broaching the topic of money with kids, “the earlier the better,” says Kelly Harper of BMO Financial Group’s Institute for Learning. Talking money with kids should be an ongoing process, she adds, noting the complexity of the topic.
With myriad financial considerations affecting the lives of Canadians, ensuring that we bring up our kids with the necessary level of financial literacy – the knowledge, skills and confidence to make responsible financial decisions – is absolutely essential. With that goal in mind, this November marks the fourth year that the Canadian Foundation for Economic Education (CFEE) and BMO Financial Group have partnered to bring financial literacy programs to the home and the classroom in an effort to start a conversation around money and keep it going.
The federal government is taking notice too. In fact, this past April, Minister of State (Finance) Kevin Sorenson announced the appointment of Jane Rooney as Canada’s first-ever Financial Literacy Leader.
As Canada enters its fourth annual Financial Literacy Month, Kelly offers the following tips for parents to start a meaningful discussion with their youth about money:
The earlier we familiarize the next generation with financial planning concepts, the more equipped they will be to face important financial decisions, budget, handle debt, save for their education – and maybe ask their parents for less cash along the way.