Posted at 9:00 a.m.
At 9 years old, Robin already has a good idea of the value of money. It must be said that his parents began his financial education very early. “We started by talking to him about purchases, explains his mother, producer Karine Dubois. He was about 3 years old when I got into the habit of asking him every time we entered the pharmacy around the corner from our house: “What are we looking for?” »
She wanted to make him understand that when we go to buy shampoo, we are not going to buy toys. “It was also much easier to say no to his requests afterwards once in the store,” she adds.
Since he was in first grade, Karine and her spouse have been telling him about the available budget for a stop at the bookstore or even for a friend’s birthday present.
For the couple, it is important that Robin and her two younger sisters understand that they are lucky to have money. “We sometimes mention the price when we go to a restaurant, on vacation or to a hotel so that they become aware of their privileges”, illustrates Karine.
The future belongs to those who talk about it early
This way of doing things is something to delight Catherine Patenaude, Associate Vice-President, Remote Privilege Advice team, at the National Bank. She is indeed convinced that we must talk about money “as quickly as possible” with her offspring.
Ève Chamberland, Senior Development Advisor – Financial Education at Desjardins, agrees.
From the age of 5, we are able to approach certain financial notions.
Ève Chamberland, Senior Development Advisor — Financial Education at Desjardins
For example, she suggests dissecting the value of different coins to become familiar with the concept.
For parents who are not sure how to approach the subject, Karine Dubois gives this advice: start with things that affect them, such as the price of ice cream. “Then, we can talk about the link with work by saying how many hours mom or dad have to work for us to pay for a restaurant outing. »
To break taboos, Ève Chamberland believes in involving children in family decisions, such as planning a vacation or organizing a birthday party.
Learning obviously evolves with age. In primary school, pocket money empowers children and teaches them to manage the contents of their piggy bank themselves.
In high school, we begin to make our first transactions, we can have a debit card. It’s time to discuss the protection of personal information, to remember the importance of saving and to show how to make a simplified budget.
Ève Chamberland, Senior Development Advisor — Financial Education at Desjardins
Resources available
When it comes to financial education, parents are fortunately not alone. Various tools are presented so that young people grasp the workings of money. The Caisse scolaire, for example, which has existed for many decades, introduces children to savings.
“The program offers separate support components for children, teachers and parents. The objective is to understand the value of money and why we should save,” explains Ève Chamberland. Activities and videos on different themes are also offered.
Desjardins also offers My finances, my choices, a program designed for 16 to 25 year olds to develop their financial autonomy. “There are 17 modules to explore. It helps to make choices without judgement, ”says the specialist.
The National Bank, in collaboration with the Canadian Foundation for Economic Education, also has resources on its website. “For high school students, we have Financial Literacy 101. We have a YouTube channel and a partnership with Urbania,” remarks Catherine Patenaude.
Even if all parents do not have the soul of a financial advisor, it is by starting early that good habits are taken. Karine Dubois can testify to this. “Last time, my son asked me on entering a store what his budget was. He then asked me what his time budget was to choose. There, I told myself that the student had surpassed the master. »