Financial literacy is one of the most important skills a person can have. It is important to start acquiring financial literacy skills at a young age. There are a few simple steps parents can take to help steer their kids in the right direction.
1. Make a savings chart with rewards for hitting certain thresholds. This will keep them motivated and focused.
2. Play a game! There are many online games that teach kids about finance. Practical Money Skills has a long list of games and apps for people of all ages.
3. Create a matching goal. Once a certain goal has been reached, let’s say $100, you can match their goal by giving them $100 for their hard work.
4. Find a workshop in your neighbourhood. Money School Canada offers workshops for both parents and kids of all ages where financial literacy is taught using real life examples.