Kids more financially savvy than we think

By Staff | January 25, 2013 | Last updated on January 25, 2013
1 min read

Toronto junior school students know more about money management than many people think, according to a Money School Canada study that assessed the baseline money management knowledge of Toronto public school students in grades 4-6.

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The study found 85% of students know that you should spend your money on things you need before you spend on things you want. In a child’s vernacular ‘want’ and ‘need’ are often used interchangeably, especially when it comes to spending someone else’s money. But the reality is that most kids are well aware there is a difference.

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Many of the Grade 4–6 students who participated in the financial literacy knowledge assessment survey could correctly identify an example of a long-term savings goal and knew that it is a good idea to save monthly. The findings reveal that parents and educators can make a difference by helping kids to better understand interest, and how it is earned on savings account balances.

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