To help parents prepare their children for successful financial futures, the Canadian Institute of Chartered Accountants (CICA) is releasing a comprehensive and easy-to-use guide for teaching money matters at home.
“A Parent’s Guide to Raising Money-Smart Kids” is designed to put parents at ease when it comes to preparing their children for life’s important financial decisions.
According to a recent CICA study, 78% of Canadian parents surveyed have tried to teach their children financial management skills, but the majority (60%) do not believe they have been very successful.
The CICA guide allows parents to quickly zero in on the information they need. Each chapter describes how to approach money management with a specific age group and discusses the essentials of financial literacy — earning, saving, spending, sharing and investing. Age groups covered include: children aged five to eight, pre-teens, teenagers and young adults.
The guide’s author is Robin Taub, a chartered accountant and highly experienced financial consultant who is a passionate advocate for financial literacy and life-long learning. Taub firmly believes that to be effective teachers, parents must first be good financial role models.
“How parents manage their money greatly influences their children,” says Taub. “The first chapter of the book outlines 10 healthy financial habits parents can use to keep their affairs in order and model responsible financial decision making for their children.”
The CICA guide pays particular attention to those all-important teachable moments in everyday life, such as grocery shopping, that allow parents to teach valuable money lessons. Another highlight is a series of light-hearted, yet insightful quotes from parents, describing how they have approached the topic of financial literacy with their children.
The CICA publication is available in e-book and hard copy formats and can be obtained by visiting www.castore.ca/moneysmartkids.