Financial literacy is an essential life skill, just like reading and writing and the holidays are a perfect time to teach children about money. Whether you take them gift shopping or they receive money as a present, children of any age can benefit from learning money management skills.
When children are young, parents may begin with basic concepts such as counting and recognizing coins and bills. Then, you can add discussions about needs versus wants, budgeting, and income and expenses. Teachable moments are everywhere — talk about your spending plans when visiting stores or taking out cash from an automated banking machine.
When talking about saving money with children, discuss goals that appeal to them. For example, saving money for a video game or a special activity. As children get older, discuss saving for longer-term goals, such as post-secondary education.
A savings account is another great tool to teach them how to save. At Casera, we have a number of accounts for young members, including our FAT CAT® account for kids under 13, HEADSTART® Savings for youth between 13 and 17, and HEADSTART® Grad Pac Savings for students between 18 and 25. All these accounts are designed to help young people progressively learn how to manage money.
For more information, check out our website. With Casera’s financial solutions for young members, it doesn’t matter what age you are, saving money will help you get what you need and take you where you want to go.
Source: Financial Consumer Agency of Canada