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When to have ‘the talk’: start early

Kids of today, sometimes referred to as Gen Z (those born in late 1990s and 2000 or later), may appear to have a level of sophistication and technological savvy that astounds adults. But perhaps more than ever, parents have a key role in making sure children are equipped to deal with pressing issues they may face as they grow up.

New research from Investors Group reveals that the topic of money is among those parents feel most comfortable broaching with their children. Money was third (96 per cent) next only to smoking (98 per cent) and bullying (97 per cent) as topics that parents are most comfortable discussing.

Canadian parents also said they were very or somewhat comfortable discussing drugs and alcohol (95 per cent) and family problems (88 per cent) with their children.

“Openly discussing important issues with your children at a young age can help ensure they are equipped with the awareness, knowledge and support as they grow older and face the challenges of becoming independent adults,” says Daniel Collison, Regional Director of Investors Group. “Teaching children to learn the value of money, and be realistic about money matters is an essential educational aspect parents shouldn’t shy away from.”

Fortunately, Canadian parents are taking the bull by the horns when it comes to teaching their children about personal finance. According to Investors Group research, 82 per cent of parents frequently or sometimes have conversations about good money habits with the children. The majority (69 per cent) are confident in being able to teach their children good money habits.

Having ‘the talk’ at a young age appears to be the preferred approach of Canadian parents when it comes to educating their children on money matters. Seventy-two per cent think it’s best to start talking to their children about money between the ages of four and nine; 18 per cent think the best time to start talking to their kids about money is when they are between the ages of 10 and 12 years of age. Eleven per cent of parents think it’s best to start talking to their children about money at the age of 13.

“Your kids may not necessarily be learning age-appropriate money management skills at school,” says Collison. “But starting the‘dollars and sense’ introduction at home will open up the dialogue to help children build a healthy foundation to develop proper money management skills and achieve their life goals in the long run.”

Statistics were compiled from a poll conducted for Investors Group by Harris/Decima, online, between June 8th and June 12th for a total of 1,003 completed surveys. Data was weighted by age, region and gender to reflect census profile.

For more information, or to schedule an interview, please contact:
Teresa Pagnutti or McKenna Wild, Environics Communications 416-969-2721 / 416-969-2774.