The Financial and Consumer Services Commission (FCNB) wants to help foster financially confident youth.
Wednesday is Talk With Our Kids About Money Day, a national program aimed at teaching kids about finances.
Marissa Sollows, director of education and communication at FCNB, said money is a topic that remains taboo for many people.
“It’s one of those things where people feel, in some cases, that they should know about it so are almost afraid to ask questions or admit that maybe they need a little bit of help and they shouldn’t be,” Sollows said in a phone interview.
“By starting the conversation young, it takes that taboo away. It makes it OK to talk about money, to talk about your finances. The more we’re able to have open and honest conversations, the more that we can learn, the more that we can help our children to build these skills.”
A 2020 survey by the Organisation for Economic Co-operation and Development (OECD) showed that teens who talked about finances with their parents, even just once a week, scored significantly higher in financial literacy than those who did not.
Sollows suggests starting the conversation as soon as possible but adds you do not have to be a financial expert or have a lesson plan to teach your kids.
“It can be as simple as talking about your grocery shopping list or sticking to your budget when you’re at the store and sticking to the list or comparing prices of things,” she said.
“Kids don’t automatically pick up good money habits — we have to teach them, and it’s never too early to start.”
FCNB has a number of resources available on its website, including a parent and caregiver’s toolkit, a teacher’s toolkit, and a Make It Count video series.
Sollows said they also offer free virtual classroom presentations with content tailored to all ages and classrooms.
“The national awareness day is a great starting point, but it’s important to make these conversations about money a habit of everyday life.”
