Over the past few weeks, a number of clients have asked how to teach their kids about money – proof that financial literacy isn’t just a classroom topic, it’s a growing concern at the family table.

It brought me back to my own time volunteering with Junior Achievement, where I worked with students who thought “being good with money” meant chasing a rap-star lifestyle. We explored a different lesson: that understanding budgeting and saving is really about freedom and choices, not flash. My current reason for exploring this topic is that as a mom with a son who is gladly consuming hot wheel cars, anything ninja related or prehistoric, it is clear that the my father’s frequent use of the saying to me “money doesn’t grow on trees!” is relevant today.

Why Start Early

Children form attitudes about saving and spending far earlier than most parents realize and early conversations build habits that last.

Canada offers excellent, free & open resources for families:

• The Financial Consumer Agency of Canada offers grade-based games, activities, and videos to teach saving, budgeting, and spending.
• The Bank of Canada Museum has lesson plans for young kids on saving vs. spending, and curriculum-linked program called You are the Economy for Grades 7-12
• The Canadian Foundation for Economic Education runs Talk with Our Kids About Money, with downloadable guides and conversation starters for parents and teachers.
• CPA Canada offers printable budgeting and cash-flow worksheets for teens and parents.

(All of these pages are public and don’t require sign-ups)

 

Key Skills by Age

Age	Focus	How to Teach
5-7	Coins and bills, saving vs. spending	Use three jars: Spend/Save/Give. Let children pay for a small treat and count change.
8-12	Basic budgeting, needs vs. wants	Open a savings account; track a grocery budget, compare prices together
13-18	Credit, debt, investing basics	Explain how credit cards work, introduce compound interest with a small savings example, and involve them in family budgeting decisions

 

 

Tips for Parents

1. Talk about money openly – shopping trips and bill payments make great lessons.
2. Let kids handle small real-world decisions (like managing allowance or making a purchase with a budget)
3. Reinforce lessons with free Canadian resources from FCAC, the Bank of Canada Museum, CFEE or CPA Canada.
4. Model good habits – your actions speak louder than lectures.

 

Next Steps: If you would like to weave financial literacy into your family’s plan, I’d be happy to share these resources or incorporate age-specific steps in your next portfolio review.