(File photo)


Money talks: Easy tips on building financial literacy with young children

Envision Financial’s Natasha Reid shares tips about talking to children about money and personal finances

  • Feb. 27, 2019 6:30 a.m.

How often do you talk to you children about money or your personal finances?

It’s likely not surprising that the subject is one of the least discussed issues between parents and their children.

But, according to an expert from Envision Financial, a division of First West Credit Union, it may be one of the most important life lessons parents can share with their kids.

While the topic of finances may seem daunting, Natasha Reid, assistant branch manager at Envision Financial in Cloverdale, shares that it may not be as complicated as it seems, and that it may just be a matter of getting into a habit of starting those conversations.

“We visit a lot of elementary and high schools as part of our outreach and we’re seeing this gap in our youth in really understanding what it means to manage their personal finances,” said Reid. “I know from personal experience that money was not talked about in my home when I was younger. In fact, I ended up teaching my family on how to run our finances after I got into the industry. Often times, it’s not because people don’t want to talk about it, but rather, they lack the confidence or are afraid to admit they just don’t know at a certain age.”

Getting involved is key

“Kids are as much a part of the family as the parents” said Reid. “So it’s important to get them involved in day-to-day tasks like budgeting. Don’t be afraid to talk to your kids about how much things like groceries, gas or bills are costing each month. It’s important to explain to them how much something costs and how that equates to how much work it will take to buy or pay for it.”

Reid added that taking children shopping and talking to them about how you are making the purchase is also important.

“If you’re buying something with cash, count it out with them so they understand how it all adds up. Or, if you’re paying by debit or credit cards, explain to them how it works so they don’t think it’s just a ‘magic card’. Since no cash is transferred, it can be difficult for kids to grasp the concept.”

Support their financial dreams

“People can often be a little pessimistic when talking about their financial situations,” said Reid.

“We say things like ‘Oh, with the economy going the way it is, my kids will never be able to afford their own home.’ But quite often this negative outlook isn’t helpful or productive. We may all be in different places financially, but that doesn’t mean our kids can’t save enough to buy something they really want in the future. We want to encourage them to work towards something and a big part of that is to support their dreams along the way.”

Be transparent and honest

Reid said one of the best ways to overcome this is to be open and honest about this lack of knowledge and to go into your financial institution as a family to learn about your finances.

“We certainly encourage our members to come into the branch with their children so that they can be a part of the process and start to understand it for themselves,” she noted. “We find that the younger kids are when they are exposed to this, the more interested they are in learning more about it, and the faster they get into the habit of savings, which we know can have far-reaching benefits in life.”

Learn more at envisionfinancial.ca.

Just Posted

RCMP investigate two shootings in Surrey

Incidents happened in Whalley, Newton

Surrey Board of Trade fears SkyTrain expansion will impede other transit needs

‘We need transit improvements in all of Surrey,’ Anita Huberman says

Surrey RCMP, firefighters support Cloverdale boy’s lonely lemonade stand

Parker, 7, had few takers until Surrey first responders heard his call

North Delta Secondary teacher up for B.C. education award

Prabhjot Grewal is up for a Premier’s Award for Excellence in Education in the Outstanding New Teacher category

Rich the Vegan scoots across Canada for the animals

Rich Adams is riding his push scooter across Canada to bring awareness to the dog meat trade in Asia

Highway 1 closed near Revelstoke

No estimated time for opening

CRA program to help poor file taxes yields noticeable bump in people helped

Extra money allows volunteer-driven clinics to operate year-round

Recall: Certain Pacific oysters may pose threat of paralytic shellfish poisoning

Consumers urged to either return affected packages or throw them out

How a Kamloops-born man helped put us on the moon

Jim Chamberlin did troubleshooting for the Apollo program, which led to its success

Sexual harassment complaints soaring amid ‘frat boy culture’ in Canada’s airline industry

‘It’s a #MeToo dumpster fire…and it’s exhausting for survivors’

Man with gunshot wound walks into Langley hospital

Injury suffered in Surrey incident, police believe

How much do you know about the moon?

To mark the 50th anniversary of the first lunar landing, see how well you know space

Body, burning truck found near northern B.C. town

RCMP unsure if the two separate discoveries are related

Most Read

l -->