CICA releases easy-to-use guide for teaching kids financial skills

Parents can give their children an important advantage in life by starting in-home discussions about money matters at an early age

Canadian Institute of Chartered Accountants

When it comes to teaching kids the value of money, it’s important to remove the guesswork.

According to a recent study by the Canadian Institute of Chartered Accountants (CICA), 78 per cent of Canadian parents have tried to teach their children financial management skills, but the majority (60 per cent) do not believe they have been very successful.

“Parents can give their children an important advantage in life by starting in-home discussions about money matters at an early age,” says Cairine Wilson, vice-president, Member Services, CICA. “The majority realizes this, but many Canadian parents are unsure about how to proceed.”

In a bid to help parents prepare their children for successful financial futures, the CICA is releasing a comprehensive and easy-to-use guide for teaching financial skills 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.

The guide allows parents to 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 CICA publication is available in e-book and hard copy formats and can be obtained by visiting www.castore.ca/moneysmartkids.