How to make financial conversations fun for the whole family.

Starting financial education early 

Financial education should start as early as possible. According to researchers from Cambridge university, kids can begin learning age-appropriate lessons about finances from as young as three years old.

Despite its value, however, financial literacy rates in Canada remain low. The pandemic laid the groundwork of a more difficult financial future for many, but according to Canadian financial advisors, today’s children and young adults are the most susceptible to financial hardship.

This upcoming Family Day on February 20^th is a great opportunity to start engaging in conversations about finances in a way that’s fun for the entire family.

Family Day Conversation Starters

Here are some Family Day conversation starters that can be used to approach financial literacy in a fun way. Get your family thinking about the many factors that play a role in creating a stable financial future—in an easy and interactive way!

• What kind of food truck business would you like to have? What’s on the menu? Where would you park it?

• Do you know what kinds of jobs your extended family members have done? You can also talk about jobs kids might try like a lemonade stands, walking dogs, babysitting, after school and summer jobs, or volunteering.  

• If you could start any type of business or invent something, what would it be? What steps would you take to begin this project? What type of resources do you think you would need? Who will help, how much money do you think you need to get started, and what’s your business plan?

• What’s something you’d like to save up for (family vacation, fun experience, bedroom redecorating)? How could you start earning money for that?

• If giving back is important to your family, how can you find ways to donate and help others? Decide who you’d like to help and make a list—maybe it’s endangered animals, the ocean, or other families—and add a volunteering activity to the family calendar.

• If you could spend your allowance on a small item each week or save your allowance to make a bigger purchase, which would you choose? What would you buy?

• When kids compare toys or things that others have, start a conversation about what matters more than buying stuff. What makes a rich life for our family? Find out if they want more time to play, a stack of library books, new after-school activities, joining a team, or going to summer camp.

These conversations will help to kick-start the thought process around what the family finances can help do to achieve your financial goals.

Financially literacy in Canada

According to a recent poll, seven out of 10 Canadians consider themselves financially literate, while nearly 30% do not.

In 2021, the Government of Canada launched a five-year plan to create a more accessible, inclusive, and effective financial literacy ecosystem for all Canadians.

While this initiative is now integrated into the school system, workplaces, and communities for children and young adults, reinforcing financial concepts and the importance of financial education at home should remain a priority for families. The best way to jump into these conversations is to make it age appropriate and make it fun.

Financial literacy is an important life skill. Those with the financial know-how who start their financial education early in life are less prone to falling into financial hardship and are far more likely to show resilience when challenges arise. Knowing what tools are available and how to use them will make a lasting impact.

Harbourfront offers family financial planning services and is equipped to guide Canadian families though unique situations like legacy wealth planning. You can.

Additional Kid-Friendly Financial Literacy Resources

Here are some additional resources you can use on Family Day, or any time you want to educate and help bring your family members closer together. There are many great programs offered to help support your financial education efforts by adding an element of fun and gamification.

Junior Achievers Canada
JA Canada inspires the next generation to realize their potential and make a positive impact in their communities. JA commits to ensuring accessibility and inclusivity through programs that help you build transferable skills in work readiness, financial health, and entrepreneurship.

Financial Literacy Camps
Through Our Kids, a trusted Canadian source, a total of six financial literacy and money camps for kids are held each year. Programs are available for children aged 9 through 18. These camps help kids and teens explore their interest in finance and the economy, help them clarify their future goals and can even give them a head start on their career track.

Financial Education Resources – Bank of Canada
Here you will find an annotated list of Canadian and international websites that provide financial information on topics ranging from inflation, banking, personal finances, investing and consumer protection.

Hands on Banking
The Hands on Banking Program is a free, engaging, and noncommercial financial education program offered by Wells Fargo. It teaches people in all stages of life about the basics of responsible money management.

Money Games
Here you will find interactive money games and activities that kids will love!