Oct 25, 2017
Get ready to talk money now, before it's too late
A recent TD survey found Canadian parents know the importance of having the money conversation with their kids. They rank money among the top four most important topics to discuss with their children, and agree they are the biggest influence on the development of their children’s money skills. At the same time, many find it hard to broach the subject.
"Talking about money can be difficult, especially when you sometimes wish you'd made different choices yourself along the way," says Kerry Peacock, Executive Vice President, Day to Day Banking, Investing and Transformation. "But starting the conversations early means your kids can ask you questions and learn, giving them the opportunity to make good choices around budgeting, saving and spending as they grow up, and when they're adults."
The survey also revealed parents are worried that without healthy money habits, their children could: go into debt as adults, always depend on them to bail them out of money trouble and always ask them for money.
TD has resources to help parents start the money conversation at any age. The TD ReadyForYou website, which includes the TD Smart Money Toolkit, provides parents with a series of tips for discussing money with children based on their age and learning stage.
For survey results and tips, click here.