October 19, 2021
Parents’ Shields Could Be Hurting Alberta Kids
Hiding our money problems is not helping our kids learn financial literacy skills.
The results of a new survey indicate that most parents in Alberta could be doing more future harm to their children than the present-day good they intend.
The survey, Social Determinants of Mental Health by Angus Reid, suggests 81% of parents in Alberta are trying to shield their children from mental and financial stressors brought on by the pandemic.
Pointing to recent advice from financial experts, MoneyPrep’s Co-Founder, Pam Liyanage, says involving the kids in the household financial struggles can be an excellent life-long lesson in money management. “What we know is that when kids see their parents struggle and then solve money problems and stressors, they learn from the experience and experiences like those can build upon financial literacy lessons kids continue to learn throughout their childhood and into their adult lives.”
Elke Rubach of Rubach Wealth Holistic Family Advisors tells MoneyPrep that “not talking about money will wreck the family.”
November is Financial Literacy Month in Canada and MoneyPrep is behind a new movement to get more people talking about money. Breaking Taboo: Opening the Money Conversation is an ongoing campaign to eliminate the taboo around the topic of money in a bid to get more people talking about money with their children.