Have you had the ?money talk? with your kids yet" A report commissioned by TD – State of Financial Education in Canada ? revealed that financial learning should not start and stop at school. As good financial habits start at home, parents play a significant role in providing financial education to their children.
To support Financial Literacy Month this November, TD has compiled helpful tips on how parents can teach money-management skills to their kids at every age that can help set them up for a more secure financial future.
?This Financial Literacy Month, TD is reminding parents of the importance of imparting financial education at an early age,? says Paul Orlander, Senior Vice President, Personal Savings and Investing, TD Canada Trust and co-chair of TD’s Financial Education Council. ?As children grow, so does their understanding of money concepts. Talking about money management with them early on is only the beginning and it’s important to continue and tailor the conversation as they age.? Under 6 years of age:
Preschoolers might be too young to understand the concept of money but they?re learning to count and have a basic understanding of quantities. Help them develop a sense of saving by giving them coins to put in a jar or piggy bank so they can see their savings grow.
Smart Tip: Make the experience of adding to the jar a fun event. Children at this age are also interested in the different shapes and colour of money so, as the number of coin...