Nov 7, 2017
How to start money conversations with your kids
"Mom, why can't we go camping this summer?" asked your eight-year-old son. "Dad, why can't I have the new AI robot toy?" asked your seven-year-old daughter.
Don't feel ready to talk to your kids about money? You're not alone.
When it comes to building healthy money habits in kids, more than nine in 10 Canadian parents (94 per cent) agree they are the biggest influence on the development of their children’s money skills, but nearly one-third (31 per cent) find it hard to broach the subject, according to a recent TD survey.
"Opportunities for money conversations with your kids are everywhere – from how you save to pay for their extracurricular activities, use your credit card to pay for groceries, to how grandparents can afford family visits when they are retired," says Kerry Peacock, Executive Vice President, Day to Day Banking, Investing and Transformation. “Kids are curious and connected to the world around them; use your family's real-life experiences to start conversations, and tools and advice to guide your discussions.”
For parents who aren't sure how to start the money conversation, TD has advice and activities to help discuss money with children at every age and stage, setting them up for a more secure and confident financial future:
- The TD Smart Money Toolkit is a series of tips for discussing money with children of different ages. For example, 7-8 year-old kids can learn about how the bank will pay them "interest" on their savings account.
- The TD Ready For You site has activities that make learning about money fun, at all ages and stages. For teens, show them how digital banking tools like TD MySpend can help give them a better sense of how much they currently spend on particular items.
- TD's Survey reveals more statistics when it comes to having the financial talk with kids
- TD CEO, Bharat Masrani recently spoke about income volatility, an issue that affects millions of Canadians.