TORONTO, Feb. 7, 2012 /CNW/ - To help parents prepare their children for
successful financial futures, the Canadian Institute of Chartered
Accountants (CICA) is releasing a comprehensive and easy-to-use guide
for teaching money matters 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.
According to a recent CICA study, 78 per cent of Canadian parents
surveyed have tried to teach their children financial management
skills, but the majority (60 per cent) do not believe they have been
"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
The convenient format of the CICA guide allows parents to quickly 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 guide's author is Robin Taub, a chartered accountant and highly
experienced financial consultant who is a passionate advocate for
financial literacy and life-long learning. Taub firmly believes that to
be effective teachers, parents must first be good financial role
"How parents manage their money greatly influences their children," says
Taub. "The first chapter of the book outlines 10 healthy financial
habits parents can use to keep their affairs in order and model
responsible financial decision making for their children."
A mother of two, Taub also believes it is essential for kids to gain not
only financial knowledge, but also the values and discipline needed to
ensure they put the skills they learn into action.
"Having money management skills alone is no guarantee of financial
success," says Taub. "Without values to navigate by, even a financially
knowledgeable person can pile up bad debt or fall victim to impulse
spending. True financial capability is powered by strong, life-long
values in combination with financial knowledge and skills."
The CICA guide pays particular attention to those all-important
teachable moments in everyday life, such as grocery shopping, that
allow parents to teach valuable money lessons. Another highlight is a
series of light-hearted, yet insightful quotes from parents, describing
how they have approached the topic of financial literacy with their
The CICA publication is available in e-book and hard copy formats and
can be obtained by visiting www.castore.ca/moneysmartkids.
Chartered Accountants (CAs) are Canada's most valued, internationally recognized profession of
leaders in senior management, advisory, financial, tax and assurance
roles. Through their integrity, expertise, and internationally
recognized qualification standards, Canada's 80,000 CAs sustain their
influence and leadership position both in Canada and globally. As
trusted business advisors to Canadian organizations of all sizes,
Canada's CAs foster confidence in Canadian business and contribute to
the health and sustainability of Canada's capital markets and
economy. The Canadian Institute of Chartered Accountants (CICA)
represents Canada's CA profession both nationally and
internationally. The CICA is a founding member of the International
Federation of Accountants (IFAC) and the Global Accounting Alliance
SOURCE Canadian Institute of Chartered Accountants
For further information:
Tobin Lambie, Manager, Media,