23 Oct Adults and children should practice financial literacy together
When it comes to financial literacy, the statistics are startling. According to The Financial Planning Standards Council, four in 10 Canadians report that money is a daily concern, and a third of low-income Canadians report worrying about money almost constantly. Meanwhile, the Financial Consumer Agency of Canada reports that less than half of Canadians have a budget and that nearly 60 per cent of adults don’t have a good idea of how much money they need to save in order to maintain their desired standard of living in retirement.
With many adult Canadians struggling with their finances, it’s frightening to think about what money lessons are being passed onto children. Perhaps this is why financial literacy was just this year introduced into the Grade 10 curriculum in Ontario, while many other provinces and territories also incorporate financial literacy into their lesson plans. If adults aren’t quite sure how to manage their money, and kids are learning about it in school, the best thing to do is bring them together to talk openly about money.
Luckily, a national literacy charity has just the solution: family financial literacy activities for parents and children to do together. ABC Life Literacy Canada has added three workbooks to its HSBC Family Literacy First program that centre around family financial literacy. The workbooks – available in English, French and Simplified Chinese – include activities on how to budget, how to save, and addressing needs and wants.
While workbooks are written in clear language for children aged six to 11, the activities will no doubt be beneficial to adults as well, all while offering an opportunity for parents and children to spend quality time learning together.
The three new financial-related workbooks – Modules 11, 12 and 13 – are available for free download at www.FamilyLiteracyFirst.ca for those who register.
HSBC Family Literacy First was introduced in 2015 and since then, the program has reached over 40,000 individuals and the materials have been downloaded and distributed more than 320,000 times. More than 300 HSBC employees have volunteered with the program.