Moms and dads can’t wait for their kids to start talking, but when the never-ending stream of awkward questions begins, some probably wish their little ones had never learned to string the words ‘how’ and ‘come’ together. But while parents tend to expect those nail-biting questions about the birds and the bees, they’re often completely blindsided by questions about what seems, on the surface, to be a less sticky subject: money. According to a poll conducted by TD Canada Trust in December, 42 percent of parents with young kids say they haven’t even broached the subject yet. Why? Over a third said it was just too challenging to find the time to delve into such a complicated – and often very subjective – issue. Big mistake.
Most parents wouldn’t dream of letting their kids reach adulthood without learning to read, write and even ride a bicycle, yet many parents leave financial education up to chance. This means that kids are left to patch together the messages they get from the media, those they hear from others and the behaviour their parents communicate every day, without even saying a word.
Maybe you’re great at managing your money; maybe you still have a lot to learn. Either way, broaching the subject with your kids can help them to develop better financial habits, a key component to living a happy, healthy, and productive life.
We talked to Shawnnette Fraser, manager of customer experience at TD Canada Trust, about some of the tough questions kids ask about money and how parents can address them. Check out her expert take in my new article on GoldenGirlFinance.com: http://goldengirlfinance.com/inspiration/?post_id=1093