Money is still considered by many to be a taboo topic or private matter, which is why many people avoid sparking up conversations about their personal finances with friends, colleagues and even family.
Experts say that parents should start talking to their kids about money from an early age as it will help them develop a healthy relationship with their own finances one day.
Bruce Sellery, CEO of Credit Canada Debt Solutions in Toronto, said parents may also stay tight-lipped because they want to shield their children from the constraints they feel about money, especially as finances continue to get tight for a lot of Canadian families amid soaring inflation. “With my kid, they were in the grocery store with me from the time they were born and as they developed language, I talked to them about everything,” Sellery said.
When speaking with kids about money, and specifically needs and wants, focus on the facts rather than letting emotions get involved. And, make sure that too much time doesn’t pass between these conversations, Sellery said.
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