Research shows that children who are taught money management by their parents are more likely to demonstrate healthy financial behaviours. Here are four tips to have the money talk
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As a result, kids who are taught money management by their parents are more likely to demonstrate healthy financial behaviors like saving and budgeting. They are also less likely to have student debt and a bad credit score. Have the conversation early Murray Baker, manager of financial empowerment at Family Services of Greater Vancouver and author of The Debt-Free Graduate, said that that the responsibility over who should teach children financial literacy is unclear, with both school and parents assuming the other will take control. Often, the children often get no guidance at all, he says.
You don’t have to know necessarily the inner workings of a TFSA or a RRSP,” said Ms. Marques. She suggests just talking about the things that you’re paying for in a relaxed way so that money management doesn’t feel like a difficult topic to broach. “It gives you that peace of mind knowing that you’ll be set for the year so you can focus on your academics,” he said.
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