Financial Literacy

RBC Wealth Management has developed helpful resources to empower young people with stronger financial literacy. These 9 modules cover the basics to develop financial skills on a strong foundation.

• Module 1 - The magic budget formula - Set the stage for budgeting success
• Module 2 - Income and taxation - Understanding the different types of income and how each is taxed
• Module 3 - Banking services - Exploring different account types and features
• Module 4 - Understanding interest - What is interest and how it works
• Module 5 - The in and outs of credit - Understanding how credit works and differentiating between the types of credit that may be available
• Module 6 - Types of accounts - Understanding the “alphabet soup” of savings and investment accounts
• Module 7 - The benefits of proper planning - Exploring how wealth planning can help you achieve your short-term and long-term savings goals
• Module 8 - Wealth stage plans - How your stage of life impacts the wealth planning process
• Module 9 - Financial documentation - Getting familiar with some common types of contracts and financial documentation

Mydoh app and Smart Cash Card - Powered by RBC

The Mydoh app and Smart Cash Card are a tools designed to help parents coach their children about money. Designed for kids aged 6 to 18 the functionality is also practical in giving children a sense of financial empowerment.

A Rich Future - Noah Booth

This book is written by a teen for teens. Noah Booth explains financial concepts in a way that is relevant to youth.

Financial literacy - Taking a generational approach

This document helps parents map out the ideal times to start introducing financial themes to young people in an order that makes sense.

How to become a smart money kid (ages 6-12)

Would you like to learn more about money? Read on for the facts to learn more about where money comes from, how to earn it, how to make it grow – and how to save for the things you want today or for bigger items in the future.

Money sense for teens (ages 13-17)

The teen years are an exciting stage of life. Between high school, extra-curricular activities, friends and maybe a part-time job, they can be really busy too. Being a teen means being more independent and learning the life skills you’ll need to be on your own. An important one of those skills is responsible money management. Understanding how to make money, how to save it and how to spend it wisely will make your teen years – and your future – a lot more fun and a lot more comfortable.

Finance 101: Making the Transition to Undergrad Life (ages 17-18)

Your first year at college or university is an exciting time filled with new experiences and maybe a little apprehension. Like all of life’s firsts, there are some parts you can prepare for – like choosing your courses and planning how you’ll budget your money – and some you can’t – like sharing a dorm room and experiencing frosh week.

The good news is that when it comes to your finances, having a plan in place before you leave for campus will help you focus on settling in and enjoying everything that undergrad life has to offer. Your RBC advisor can help you review your first-year financial needs, create a budget and set up flexible banking solutions from RBC Royal Bank. It’s also possible to arrange an introduction to branch staff near your campus for those times when you’ll need in-person advice. For other times, your family’s RBC advisor is just a phone call or email away.

Smart Financial Management for Early Adults (ages 18-23)

Whether you’re planning for university or are just starting out in your new career, money – how to make it, how to spend it and how to hang on to at least some of it – will play an important role in your life. Your RBC team can work with you to access the many resources available to help you manage your finances. What follows is an overview of some of the ways we can help, as well as links and information to help you get started and stay on the right financial track. Once we meet, we can focus in-depth on the areas that are most important to you.

Smart Financial Management for Twenty-Somethings (ages 24+)

Being in your early 20s is an exciting time of life. The world is yours for the taking as you begin this next chapter of independence, career, and creating a home of your own. The choices you make now as you establish your professional and personal lifestyles will lay the foundation for your future financial success, which means getting started on the right foot is crucial.

McGill Personal Finance Essentials

Those who are a little older, with an interest in developing their financial education, may be interested in more formal education. McGill University, in collaboration with RBC Future Launch and the Globe and Mail, provides an online program to help adults access the financial literacy education to empower in practical ways.