To help parents prepare their children for successful financial futures, the Canadian Institute of Chartered Accountants released a comprehensive and easy-to-use guide for teaching money matters at home.
A Parent’s Guide to Raising Money-Smart Kids is designed to put parents at ease when it comes to preparing their children for life’s important financial decisions.
According to a recent institute study, 78 per cent of Canadian parents surveyed have tried to teach their children financial management skills, but the majority (60 per cent) do not believe they have been very successful.
“Parents can give their children an important advantage in life by starting in-home discussions about money matters at an early age,” said Cairine Wilson, institute vice-president of member services. “The majority realizes this, but many Canadian parents are unsure about how to proceed.”
The guide allows parents to quickly zero in on the information they need. Each chapter describes how to approach money management with a specific age group and discusses the essentials of financial literacy – earning, saving, spending, sharing and investing. Age groups covered include: children aged five to eight, pre-teens, teenagers and young adults.
The guide’s author, Robin Taub, is a chartered accountant and financial consultant who is a passionate advocate for financial literacy and life-long learning. Taub firmly believes that to be effective teachers, parents must first be good financial role models.
“How parents manage their money greatly influences their children,” she said. “The first chapter of the book outlines 10 healthy financial habits parents can use to keep their affairs in order and model responsible financial decision making for their children.”
The guide pays particular attention to those teachable moments in everyday life, such as grocery shopping, that allow parents to teach valuable money lessons.
The publication is available in e-book and hard copy formats and can be obtained by visiting www.castore.ca/moneysmartkids.