When she is in class with her students, Mélanie Boulet, a second-grade teacher in Ottawa, Ontario, finds opportunities to teach them the value of money.
Teaching Children about Money offers tips for parents
OTTAWA, Jan. 25, 2013 /CNW/ - This is the perfect time to give your
children a gift that will last a lifetime. If they received or earned
money over the holidays, children of any age can benefit from learning
money management skills. Free, unbiased online information from the
Financial Consumer Agency of Canada (FCAC) makes it easy to teach children about money.
"I'm often asked at what age children should be taught about money,"
says Ursula Menke, FCAC Commissioner. "I think that it's never too
early to start. The Agency has put together some great tips and
information to help parents."
When children are young, parents can begin with basic concepts such as
counting and recognizing coins and bills. Then they 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.
Children learn a lot by watching and imitating their parents. By
modelling good spending and saving behaviour, parents will encourage
their children to pick up their good financial habits.
Create a positive attitude towards saving—open a savings account that pays interest so your child can see how the money in their account
Help kids set goals and learn how to budget.
Show children how to make smart spending decisions—avoid impulse shopping and learn how to shop around to compare features
Consider whether or not to give your child an allowance and how an allowance could be used to teach money management skills.
Provide opportunities to earn money through babysitting, snow shoveling or other chores and encourage teens
to manage their own money.
Find out what you need to consider before co-signing a cell phone contract with your teen.
Find tips on how to help your teen build a strong credit history and avoid costly
mistakes by using credit wisely.
More information on ways to put children on the road to financial
independence is available in Teaching Children about Money. FCAC's full suite of life events, including Having Children, Living as a Couple, Paying for Post-Secondary Education, Starting your First Job, and Dealing with Debt are available on our website: itpaystoknow.gc.ca.
Mélanie Boulet, a second-grade teacher in Ottawa, also believes that
it's never too early, or too late, to start saving. In a video available on the FCACan YouTube channel, she explains how she finds
opportunities to teach her students the value of money.
With educational materials and interactive tools, the Financial Consumer Agency of Canada (FCAC) provides objective information about financial products and
services to help Canadians increase their financial knowledge and
confidence in managing their personal finances. FCAC informs consumers
about their rights and responsibilities when dealing with banks and federally regulated trust, loan and
insurance companies. FCAC also makes sure that federally regulated
financial institutions, payment card network operators and external
complaints bodies comply with legislation and industry commitments intended to protect consumers.
You can reach us through FCAC's Consumer Services Centre by calling
toll-free 1-866-461-3222 (TTY: 613-947-7771 or 1-866-914-6097) or by
visiting our website: itpaystoknow.gc.ca.
Follow @FCACan on Twitter
Subscribe to FCACan on YouTube
November is Financial Literacy Month
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Join Partnering to Turn Financial Literacy into Action on LinkedIn
Video with caption: "When she is in class with her students, Mélanie Boulet, a second-grade
teacher in Ottawa, Ontario, finds opportunities to teach them the value of
money.". Video available at: http://www.youtube.com/watch?v=07D8BvCcHF0
Image with caption: "Give your children a gift that will last a lifetime. (CNW Group/Financial Consumer Agency of Canada)". Image available at: http://photos.newswire.ca/images/download/20130125_C8539_PHOTO_EN_23014.jpg
SOURCE: Financial Consumer Agency of Canada
For further information:
Media Relations Officer
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