Alison's Money Rule

Parents! Tips and tools to teach your kids about money

Posted November 28, 2011
Originally Published March 8, 2011

Teach your children well and early about money and the lessons will pay off throughout their lives.

Financial literacy is the flavour of the month. The federal government’s task force on the subject recently released a report full of common sense recommendations. But, so far, there is little money on the table for action.

Fortunately, one bank is ahead of the implementation game. Last week BMO launched a website to help parents raise financially literate children. Called SmartSteps for Parents (www.bmo.com/smartparents), it’s chock-a-block with tips, tools and techniques to engage kids, answer parental questions and even entertain with a series of reality-style webisodes showing real families dealing with money dilemmas.

Disclosure. I am consulting expert to the initiative. Allying myself with a financial services firm is something I’ve avoided because my job is to analyze and inform, which can conflict with the business of money.

But I’ve always been an advocate for financial literacy. The lack of it among the young is one of the most serious issues facing our nation. So, I was delighted when BMO asked me to consult on SmartSteps for Parents.

On the site I’m teamed with psychotherapist and parenting expert Alyson Schafer, author of many best selling books. Schafer’s straightforward advice provides plenty of outside-the-box ideas for parents.

What I particularly like about the site is its practicality. Rather than a lot of theories, the focus is on a step-by-step approach to foster financial know how. The articles, interactive tools and games address key money issues for separate age groups ranging from ages 5 to 15. You’ll also find:

Expert Blogs: Parents can interact with myself, Alyson Schafer and other parents who are often a valuable source of information.
The Zone: A place where tweens and teens can engage in activities including online games.
Web Series: See real parents relate their own experiences teaching their children the basics of money. Schafer and I provide commentary and tips.

Check out the website. I’d love your feedback which I’ll pass on to improve the site as it grows.

Sidebar

54% of parents have talked with their children about household finances.
37% of parents aren’t sure their children have a grasp of money management basics.

Source: Leger Marketing

post a comment about this blog

*Display Name:

*Comment:

*type captcha text:

We reserve the right to remove any comment we see unfit for use on this website.