Talking about money isn’t an easy topic to discuss with adults, let alone children. Parents often get caught up in the daily grind of work and responsibilities and can go about their day spending money without actually paying bills. Most people today rarely use paper money for their daily spending and prefer using electronic methods such as the tap for debit and credit cards as well as e-transfers.

Although children do not always visually see adults pay with money, they do realize that we exchange money to purchase goods and services, such as groceries or take-out food from the drive through.

Children often mimic their parents’ behaviours which can also be their parents’ spending behaviour and patterns. Teaching children about the value of money early on can be beneficial as they may become more conscious of their spending habits as they get older. Children can learn about money as early as they are able to start saving change or small bills in their piggy bank. Children as early as pre-school age enjoy adding money to their “savings”. Some children also enjoy emptying their piggy bank and seeing how much money they were able to save and counting it out.

Vanessa Pettinicchio, an Assistant Branch Manager at a local bank provides parents with some guidance for engaging their children in the process of learning about money. “If you haven’t opened an account at birth, include your children in the process of opening an account. Your personal banker is there to advise you and your children,” says Pettinicchio. “Accompany your children to the bank to make their deposits. The pride in your child’s face in making their very own deposit is incredible!”

Most importantly, teach your children the value of money, and the value of keeping their personal information safe. In terms of the value of money, keep it simple! Monetary rewards for their time doing chores is a great and simple way to teach them the value of money. It’s also important to teach your children the value of their personal information. As your child enters their teen years, he/she will have the autonomy to use their debit card. Make sure to share the importance of protecting their personal information, such as pin numbers or passwords.

Teaching children and teens about money fosters a sense of responsibility that your child is expected to learn as they grow and can provide a sense of independence. Children and teens enjoy having the responsibility of handling money, especially their own money. When children purchase things with their own money, they tend to take better care of their item, and this can help them to understand the value of money.