Although 92% of Canadian parents feel it is
their responsibility to educate their kids about money, more than half (62%)
admit they haven’t made a concrete effort to teach them about saving or
spending. The problem is parents are
unsure how to teach their kids to be financially savvy, says a recent survey
from ING Direct.
Parents seem to find it easier to talk to
their kids about bullying (91%) and smoking/drugs (86%) than talking to them
about family finances. The ones that do
talk to their kids about finances (33%) seem to start when the kids are between
ages 7-to-9, another 33% say they start even earlier. One way these parents start the process is by
taking advantage of everyday situations like shopping (53%), making major
purchases (34%) or simply paying the bills (22%).
More
Survey Highlights:
·
At least one third of parents
feel ill prepared when it comes to teaching their kids about investing
·
34% rarely or never talk to
their kids about finances when making on-line purchases
·
In Quebec, 32% consider ages
10-12 as the most appropriate age to start money conversations
·
65% of Ontario parents want to
do more to educate their kids
·
22% of British Columbians give
themselves an A in personal knowledge about money
·
72% of the women surveyed say
their children come to them first when they have questions about money, as
opposed to 57% of men
A lot of people would think with the career
I have chosen it would be easy to teach my kids about money, the truth is my 11
year old daughter is just starting to make the connection between working to
earn money; and using that money to buy the things we need and want.
A great website brought to my attention by
my TD Representative is www.powerplay4success.com. He also provided me with a book called “Kip
and Zara’s Money Adventure” by Bill Roche, a cute story about two space aliens
learning about the value of money.
Hope you have found this helpful, have a
great weekend.
Tracey
Source: Advisor.ca
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