Perfect time to talk to your kids about money? When they are 7
According to a study by behavioural experts at the University of Cambridge in England, youngsters acquire sound financial habits as early as age 7. By then, kids already recognize the value of money and can make smart decisions when it comes to planning, postponing or even forgoing a purchase. The problem is that most parents, who serve as role models, hesitate to broach the subject of money so early with their children. Here are a few fun ways to help you talk to your kids about money:
1. Most financial institutions provide basic web content with no real added value.Desjardins stands out from the crowd, with its funny and educational Charly & Max Get Involved! videos and games, available in French and English. Supported by Scotia Bank, the Canadian Foundation for Economic Education’s Talk With Our Kids About Money covers a range of practical topics to get the conversation rolling. Note: Both institutions also provide material for teachers.
2. In the apps department, the choice will depend on your children. If they’re still learning how to count money, try Peter Pig’s Money Counter (ages 5 to 8). Has your child lost a tooth? The Tooth Fairy Calculator gives the going rate for a tooth in Canada over several decades. And if your child has a specific project in mind, visit Money Metropoli$ (ages 7 to 12). Through play, your little one can learn how a virtual bank account works.