Raising fiscally smart kids
Posted Feb 21, 2012 1:06 pm.
This article is more than 5 years old.
Teaching your kids money should begin at a young age.
The Canadian Institute of Chartered Accountants is out with the book “A Parent’s Guide to Raising Money-Smart Kids” which highlights the fact that raising financially responsible children begins when they are five or six.
“Parents can give their children an important advantage in life by starting in-home discussions about money matters at an early age,” says Cairine Wilson, vice-president, Member Services, CICA. “The majority realizes this, but many Canadian parents are unsure about how to proceed.”
The author, Robin Taub, tells 660News it can be as easy as talking about and counting money or giving out an allowance and teaching your son or daughter how to budget it.
“Having money management skills alone is no guarantee of financial success,” says Taub. “Without values to navigate by, even a financially knowledgeable person can pile up bad debt or fall victim to impulse spending. True financial capability is powered by strong, life-long values in combination with financial knowledge and skills.”
