Tuesday, August 2, 2016

Financial literacy an important lesson for kids

Most parents would agree that one of the most important aspects of being a parent is equipping our children with the life skills needed to succeed. But when it comes to one of life’s most important skills — managing money — many parents find it difficult to talk to their kids.
So difficult, in fact, that a recent study by the Canadian Foundation for Economic Education states that 66 per cent of Canadian parents would rather talk to their children about the facts of life than finances.
If you’ve been hesitant to talk to your child about money matters, there’s no better time to start than now. Helping kids understand the value of money, the importance of saving and the responsibilities associated with personal finances can be critical for them later in life. Even basic discussions about allowances, the costs of things they want and the concept of delayed gratification can go a long way towards shaping their future financial behaviour.
If you’re concerned about your own level of financial literacy, the Financial Consumer Agency of Canada has a helpful self-assessment quiz that can help you figure out how you measure up.
We here at the credit union would also be happy to help provide you and your child with advice on personal finance. Drop by or call your branch today!

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