Many of us have kids, grandkids, nieces, and nephews who are returning to school this month, so we thought it timely to provide some tips about how to prepare our kids to manage their own finances. 

This can be a struggle for some, owing to taboos about talking about money and a broader concern that learning about their family’s financial status will encourage children to take money for granted.  However, the more you empower your children with the values, skills and knowledge to handle money on their own, the higher the probability is that they will become financially successful in their own right.

Our partners at CIBC U.S. Private Wealth put together an excellent 4-part series on how to talk to your kids about money.  While written for a U.S. audience, most of the lessons, books and apps they provide are applicable to Canadians as well. 

We share their view that “age appropriate transparency,” a positive learning environment and opportunities to put principles into action are the building blocks of a healthy relationship with wealth.  

 

We’d encourage you to learn more, and read on further at the links below:

• General Principles in Discussing Wealth with the Next Generation
• How to Engage Children Under the Age of 12
• Financial Strategies for Teens and Pre-Teens
• Young Adults and Financial Fluency

 

 

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