Talk with kids about money

April 28, 2023 | RBC Wealth Management


Share your knowledge and pass on your values.

Financial Literacy

Financial Literacy program logo

Formal financial education, when combined with advice and practical learning, can help set the stage for a lifetime of informed and confident financial decision-making. RBC Wealth Management (RBC WM) recognizes the importance of helping clients and their families build sound financial management skills, offering a range of resources to support and encourage financial learning.

Learning often begins with a shared experience or from a question, a comment or an observation. Children are naturally curious, and teachable moments in day-to-day life present opportunities to learn about money. Those moments can exist in many different ways and activities, for example:

  • A trip to the grocery store can create a chance to talk about needs, wants and priorities.
  • Cooking together is a chance to discuss how to measure and make the most of your ingredients, how to minimize waste, and how to create and implement a plan.
  • Planning an outing or a trip can be an opportunity for delayed gratification and goal-setting.
  • Choosing a gift for a friend or family member can prompt a conversation about budgeting.
  • Taking the car in for maintenance or repair can be an opportunity to discuss setting money aside for these expected, but not always predictable, expenses.  

By doing these types of things together and having these conversations, kids pick up little bits of knowledge each time. They’ll progressively build financial skills and confidence, as well as develop their sense of who they are and what’s important to them. Financial literacy is about more than just money. It’s the knowledge, skills and values people develop in order to navigate the challenges and opportunities they may experience during each life stage. It’s never too early to start these conversations and find age-appropriate ways to encourage and support practical learning.

For more information, and to learn about our financial literacy resources for kids, contact us today.

Interested in learning more? Here are some related resources:

This information has been prepared for use by the RBC Wealth Management member companies, RBC Dominion Securities Inc.*, RBC Phillips, Hager & North Investment Counsel Inc., Royal Trust Corporation of Canada and The Royal Trust Company (collectively, the “Companies”) and certain divisions of the Royal Bank of Canada. *Member-Canadian Investor Protection Fund. Each of the Companies and the Royal Bank of Canada are separate corporate entities which are affiliated. This information is not intended as nor does it constitute tax or legal advice. Readers should consult a qualified legal, tax or other professional advisor when planning to implement a strategy. This will ensure that their individual circumstances have been considered properly and that action is taken on the latest available information. Interest rates, market conditions, tax rules, and other investment factors are subject to change. This information is not investment advice and should only be used in conjunction with a discussion with your RBC advisor. ® / ™ Trademark(s) of Royal Bank of Canada. Used under licence. © Royal Bank of Canada 2023. All rights reserved. 


Financial Literacy