As parents, one of the most important life skills we can teach our children is how to manage money wisely. Financial literacy isn’t just for adults—kids who learn about saving, spending, and budgeting early on are better prepared for financial independence later in life. In Canada, there are numerous resources and strategies to help your children build these skills at every stage of development.

Start Early
Even young children can grasp basic financial concepts. Use simple tools like piggy banks to introduce saving versus spending. Help them set short-term goals, such as saving for a toy, to teach delayed gratification.

Use Real-Life Opportunities
Grocery shopping, family budgeting, or setting up a bank account can all become teachable moments. Involve your children in small financial decisions to give them a hands-on learning experience.

Leverage Canadian Resources
Programs like the Money and Youth guide by the Canadian Foundation for Economic Education and the Talk With Our Kids About Money Day are great tools to get started.

Open a Youth Savings Account
Most Canadian banks offer no-fee youth savings accounts. Use these to teach your child how banking works, review monthly statements together, and discuss how interest grows their savings.

Introduce RESPs
Talk about how you’re saving for their education through a Registered Education Savings Plan (RESP). This helps children understand the importance of long-term planning and the value of education.

Teaching your kids about money doesn’t have to be difficult. By incorporating everyday experiences and using available tools, you can raise financially savvy young Canadians.