In any case, experts say it’s never too late to learn financial literacy. And on the flip side, they say it’s never too early to begin teaching your children financial literacy.
At roughly 10 years old, D’Souza said his mother advised him not to spend all his money on candy and frivolous gadgets.
“My mom has always helped me make sure my money was going to the right places,” said D’Souza, who resides in Toronto.While D’Souza credits his mother for the financially secure position he’s in, he acknowledged that not all Canadians have parental figures who are financially literate or know how to best guide their children to make wise financial decisions.
She noted that telling your children about your financial mistakes is as important as telling them about your financial successes. Smith also opened up a savings account for her daughter and takes her to the bank to deposit money whenever she receives monetary gifts to introduce her young one to the world of banking, she added.
At BlueShore Financial, financial adviser Nico Wong said they offer a program for young children, whereby they give them a piggy bank with three sections — one for spending, one for saving and one for sharing, the latter being for money they can donate to charitable causes.
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