The Toronto-based Canadian Foundation for Economic Education (CFEE) will launch a new initiative on Wednesday called Talk With Our Kids About Money Day. The program is meant to encourage parents and teachers to talk to children about finances.
Often adults don’t introduce children to financial concepts because they don’t feel confident or are not sure about where to start, says Gary Rabbior, president, CFEE. Part of the goal of Talk With Our Kids About Money Day is to help kick start that conversation.
“The key thing that we advocate for is to get young people interested and get them asking questions,” says Rabbior. “That’s often an easy thing to do because they see this as a very life-relevant aspect of their lives.”
Financial advisors also have a role to play to when it comes to youth financial literacy, according to Serge Pépin, vice president, investment strategy, BMO Asset Management in Toronto, who spoke as a part of an expert panel hosted by BMO on Tuesday. BMO Financial Group is a partner with CFEE on the financial literacy program.
“If the parent feels quite comfortable with his or her financial planner then there should be absolutely no problem,” said Pépin, “as a financial planner to take on that responsibility.”
One way for advisors to add to the conversation, says Pépin, is by becoming familiar with the CFEE and this initiative and introducing it to clients.
Any adult interested in learning more and finding tools to help explain financial topics to children can visit talkwithourkidsaboutmoney.com. The site offers parents and teachers age-appropriate activities to teach children about concepts such as saving, budgeting and investments. For example, teachers in the Toronto and Montreal can find lesson plans that match their school curriculums, says Rabbior, while parents can choose from various activities, such as books, movies, TV shows and crafts, to engage their children.
“The key to the Talk With Our Kids About Money initiative is that it’s easy, it’s short, it’s quick,” he says. “We want to see it as a catalyst to get these discussions and conversations underway.”