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Not enough parents teaching their kids about saving money

VANCOUVER (NEWS1130) – Parents don’t seem to be practicing what they’re preaching when it comes to saving money, according to some new research from TD.

Many moms and dads want their kids to save for the future, but they’re not showing them how to do it.

Nearly 60 per cent of parents talk to their kids about saving for retirement — at least — every now and then, but less than half actually do it themselves.

TD‘s Kim Parlee says there is no age limit on when you should bring your kids into the financial loop.

“Even going to the grocery store, that’s talking about budgeting. They’re learning about saving, they’re learning about the reward at the end of the day. They’re not going to talk about an RRSP to a five-year-old, but you can talk about saving for that toy that they want.”

Parlee adds even if you don’t think you know enough about the subject, pass along whatever information you do have. “This might sound like a funny analogy, but you don’t have to be Wayne Gretzky to teach your kids how to play hockey. You don’t have to be the best at something, teach them what you know. Show them by example. Even the smallest things can really contribute.”

About two-thirds of their Canadians have never received retirement advice.

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Wanda Thibodeaux

I think technology is a good way to make learning about money fun for kids. I use http://www.bankaroo.com, for example, which is free. It’s just about being consistent. Kids will model what they see, so parents can’t expect their kids to be money smart if the parents don’t practice money management and other skills themselves.

February 11, 2013 at 4:44 am
Parents can't teach their children...

when the parents don’t know anything about the topic either!

February 10, 2013 at 2:04 pm