The third Wednesday in April has been designated “Talk With Our Kids About Money Day”~ Canadian teachers will be educating kids on the importance of money and assisting parents in discussions about fiscal responsibility. The emphasis is on educating children about saving and the role money plays in their future. The program initiated by the CFEE (Canadian Foundation For Economic Education) will also provide ideas, suggestions and resources to parents in an effort to assist with the sometimes uncomfortable ‘money talks.’
There are two programs available the “School Program” and the “Home Program”. Each uniquely different. The “School Program” allows educators to incorporate monetary lessons into all areas of their teaching, allowing kids to see how their everyday lives can be impacted by financial transactions. The “Home Program” is geared towards parents, giving them the resources and tips to allow them to address fiscal responsibility in a positive way. All programs are available in French and in English to allow everyone the ability to participate. To learn more about support and how to get involved visit the website for Talk To Our Kids About Money.
Did you know that 66% of parents who have tried to teach their kids about money said they need help? Another startling statistic: 50% of High School Graduates are already in debt. Clearly education and understanding are needed.
Here are five easy tips that can be integrated into a child’s everyday life, by both parents and educators.
1. Emphasize that “Money can’t buy you happiness.”
2. Make discussion relevant to their everyday lives. Think about their circumstances and what is important to them.
3) Make them think about “why they are making the monetary decisions they are making.”
4) Kids need to know how to deal with the impact of our new economy. They need to know how to delay gratification and stretch a dollar — to survive and thrive as adults.
5) Explain money shortfalls in concrete terms. Kids don’t grasp the abstract very well — so explain what less money in the household is going to mean to them on a daily basis. Does less money mean that we aren’t going to be able to go on vacation? Perhaps. Be honest and own up to your own financial mistakes.
Educators and parents can register at Talk With Our Kids About Money for more information.
REMEMBER: These children are our future. Don’t they deserve every opportunity for financial success?
The day is being sponsored by the Bank of Montreal. Be sure to follow them on twitter http://twitter.com/BMO and follow the #TWOKAM hashtag