Help kids become money smart

Canadian parents are unsure how to teach their children to be financially savvy, says a new survey from ING Direct.

The vast majority of Canadian parents (92%) say they’re solely responsible for teaching their kids about money, but more than half (61%) admit they haven’t made a concerted effort to educate them about saving and spending.

One of the main problems is many parents find it difficult to talk about family finances with their children, listing bullying (91%) and smoking/drugs (86%) as easier to discuss.

Those who have started the teaching process often take advantage of everyday situations to educate about managing funds; situations like shopping (53%), making a major purchase (34%) or paying bills (22%).

A third of Canadian parents start talking to children about dollars and cents between ages 7 and 9, while another third say they start younger.

Other survey highlights:

• A third of Canadian parents feel ill prepared when it comes to teaching their kids about investing
• 34% rarely or never talk to kids about finances when making online purchases
• In Quebec, 32% consider ages 10-to-12 as the most appropriate age to start money conversations
• 65% of Ontario parents want to do more to educate their children
• 22% of British Columbians give themselves an A in personal knowledge about money
• 72% of women surveyed say their children come to them first when they have questions about money, as opposed to 57% of men

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.