Island Parent Resource Guide Vol 35

MONEY
I Wish I Was Taught
This in School!
The majority of adults I speak with have a similar experience
to share with me about their lack of education on
money throughout their school years. After 13 years in
school, they graduated with a passing grade on Pythagoras’
Theory but feeling completely in the dark on how to file their
taxes, invest in the stock market and choose a mortgage.
Every once in a while I hear about a wonderful career education
or math teacher who clearly had a passion for financial literacy
and taught lessons on these day-to-day adult tasks—those teachers
are worth their weight in gold for the difference they made!
For parents raising children in this generation, we have some
good news in that there have been valuable changes to our current
curriculum which include many of these areas. In order
to graduate high school, students will cover personal budgets,
compound interest and credit card amongst others.
However, we all know that learning starts at home. There are
many topics that you can broach to provide your child with a
greater understanding than what they will get from their classroom
alone. Here are some age-appropriate ideas:
Preschool Aged:
1. Sharing and donating toys teach generosity
2. Putting away toys before a treat teaches responsibility and
work ethic
3. Saving birthday money to spend on a favorite toy
Elementary Aged:
1. Begin allowance using a clear jar “piggy bank” so they can
see how much they have saved
2. Start long term savings goals
3. Track savings with a sticker chart or coloring sheet
Middle School Aged:
1. Open bank accounts and teach how to use it online safely
2. Discuss their favorite brands and show their stock market
charts
3. Choose a chore-based or automatic allowance method and
discuss a budget for spending and saving
High School Aged:
(Change the numbers for privacy if that is important to you.)
1. Show your paystub and discuss income and deductions
2. Explain your investment statements
3. Set guidelines for saving a portion of their income (I suggest
at least 50%)
4. Discuss credit cards and teach how interest works
These suggestions are only meant as inspiration for all the
great ideas you’ll come up with on your own. Day to day activities
will give you many more topics to cover if you are wanting
to teach your kids what you wish you had been taught in
school.
Lindsay Plumb is an Accredited Financial
Counsellor (Canada) and founder of Pretty Money
Club, Black Is the New Red and MOOLA Financial
Coaches & Advisors.
IslandParent.ca
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