Kids
Financial literacy
The important information you and your children need to know. Early learning can lead them down a path towards financial success.
The best way to teach financial literacy is to start talking about it.
Talk about money, talk about yourself - what you're doing and ask questions about what others are doing. Let's stop treating money as a taboo topic and start a money dialogue with kids early.
What can you do as the adult:
- Evaluating your own financial habits
- Establishing core values through a family economy
- Creating family savings goals
- Using your kid's allowance as a teaching tool
- Describing how money works in a digital world
- Teaching kids how to budget
- Teaching the importance of moderation
Ways you can teach financial literacy to kids:
- Play games that involve money
- Discuss wants vs. needs
- Make a wish list with your child
- Teach while you shop
- Give an allowance
- Split money into categories
- Give them a payday
- Create a budget from their allowance
Click here to download our printable goals sheet, specificaly designed with children in mind.
What does saving, spending and donating really mean?
Level 1 - recommended for ages 4 to 7
Start teaching your child about the basics of saving, spending and donating with these fun tips for kids.
How is money spent?
Level 2 - recommended for ages 8 to 11
You've got some money in your pocket, and you want to spend it on something fun. But how does that happen? We'll break it down for you here.
Empower yourself to become financially savvy and independent
Level 3 - recommended for ages 12 to 18
Our goal is to give you the tools you need to understand the most common financial lingo and make informed decisions about your money.
We've put together a graphic with some of the most common financial terms, so that when you hear them in conversation, you'll know exactly what's going on.
What are the 5 principles of financial literacy?
Money affords us choice, is part of everyday life, and can be used as a tool to help with your success in life. Learn the five principles below to empower yourself to be make educated decisions to benefit your future.
1. Earning
Talk about how money is earned
2. Saving and investing
Discuss as a family:
- Family savings goals (ex. vacation, boat, camper)
- How to budget and save for better things
- Go shopping to look and not buy
- What free things can we do instead of spending money
- Piggy bank to help create saving habits
- Use a ticket system for kids to cash in to get a bigger item (ex. bike)
3. Spending
Spending can be fun but teaching them healthy habits is a life goal that can set your child up for success:
- When the weekend comes up, decide as a family is it more important to everyone to save for something bigger or to go out and do something fun
- When grocery shopping with your kids, add up with them the amount and tell them the budget. Make it a game so they learn how much things cost
4. Borrowing
Borrowing vs buying:
- With the tickets they earn they could use them to save, spend or borrow additional tickets to pay back later
- Remind them of the larger goal that they wanted to ensure it's what they really want
5. Protecting
Talk with your kids about:
- Protecting your money and/or tickets
- Teach how they can protect them by opening a savings account or storing the money / tickets in a safe place
Prospera Foundation is proud to partner with JA British Columbia, a not-for-profit organization that provides young people with free, hands-on and immersive education in work readiness, financial health and entrepreneurship.
Click here to join the JA Campus and get access to dozens of free financial literacy, business and career readiness programs for students in grades 3 to 12.
More inspiration
This Is How Much Monica’s Apartment in Friends Would Cost Today?
Answering the Most Common RESP Questions
Save for Your Childs Education with Confidence
RESP Myths – Busted!
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