has discovered that kids today are curious and motivated about managing money earlier than their parents were. And this same research shows that the financial habits of parents are, like it or not, passed down to their children.healthy financial behaviors like saving and budgeting. They are alsoeven found that those who learned financial literacy from parents during their youth are more likely to have flourishing romantic relationships.
You don’t have to know necessarily the inner workings of a TFSA or a RRSP,” said Ms. Marques. She suggests just talking about the things that you’re paying for in a relaxed way so that money management doesn’t feel like a difficult topic to broach.Liven up the conversation with interactive exercises, said Vancouver-based
Mr. Murray said that the first step in talking about money at college is figuring out the student’s “financial road map.” This means parents should go over all available money from summer jobs, student loans and scholarships. Then they should add up costs. Most universities have budget calculators, likeThis approach ensures that expenditures are accounted for beforehand, so students are not putting expenses on credit cards or scrambling for part-time jobs.
Mr. Barker says that a matched savings account backed by parents could decrease this type of unnecessary spending. Every dollar the student saves, the parents would match. This means that buying a $60 pair of jeans would in effect cost the student $120.
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