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Talking Money and Debt with Kids is Important

In this episode of the BDO First Call Debt Solutions podcast, our Licensed Insolvency Trustees (LITs) are talking about kids and money. They discuss why it’s so important for parents to find everyday opportunities, like March break, to teach their kids about spending limits, savings goals, consumer debt and more.

Listen to the podcast to hear our LITs discuss:

  • The parents’ role in equipping their kids with the knowledge, skills, and confidence to make healthy and sound financial decisions in life.
  • Tips for introducing teens to digital spending
  • Finding those teachable moments during family outings and activities, when parents can model healthy financial habits or provide valuable money lessons for their kids.

If you’re looking for resources to help with your family’s conversations about topics like managing money or reducing your debt load, we encourage you to check out:

Our 2017 March break spending poll found that parents were planning to spend around $600 on March break activities. Considering that a lot of families may be feeling a bit more financially squeezed this year, why not use March break as a teachable moment? Take the opportunity to find low-cost or free activities that won’t impact your consumer debt. Get the kids involved in planning! Here are a few resources to check out:

Consider providing your kids with a March break spending allowance, or let them go through the process of paying either with cash or debit cards (with your guidance). It can be a great way to introduce concepts like digital spending.

Allowing teenagers to be part of the whole process is especially valuable as they will soon head off to university or college and be out on their own for the first time. If they can learn responsible management of money and credit cards at an early age, it can help them avoid student debt pitfalls that can last long after graduation.

All of these topics are covered in more detail in our podcast, so be sure to give it a listen!  Share your favourite piece of advice you learned on Twitter using #FinLit and #KidsAndMoney.

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