financial literacy for kids Archives - Ira SmithTrustee & Receiver Inc.

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If you would prefer to listen to the audio version of this financial literacy month 2020 Brandon’s Blog, please scroll to the very bottom and click on the podcast.

Financial literacy month 2020 introduction

November is financial literacy month 2020. This is the 10th anniversary of financial literacy month in Canada.

Throughout financial literacy month, the Financial Consumer Agency of Canada (FCAC) engages with Canadians and interact with organizations from the private, public, and charitable sectors to help enhance the financial literacy of people.

For the entire month, organizations from throughout the country are urged to host seminars and share information intended at helping Canadians comprehend their finances and equipping them to manage their money and debt wisely.

In this Brandon’s Blog I discuss the importance of financial literacy and financial literacy month 2020.

Financial literacy month 2020: What is financial literacy?

Financial literacy in Canada means having the skills and knowledge to make educated choices regarding managing your money. Understanding fundamental financial ideas allow individuals to know how to browse the financial system. Individuals with financial literacy abilities make far better monetary choices and handle cash much better than those without these abilities.

**Why is financial literacy month 2020 important?**

Regular readers of Brandon’s Blog understand that one of the major reasons I discuss financial and insolvency issues is to assist to reinforce Canadian financial literacy. Especially, exactly how entrepreneurs, their business and people, in general, can much better handle their financial obligations.

The major benefit of financial literacy is that it equips us to make smart financial decisions. It supplies the understanding and skills we need to handle cash properly– budgeting, conserving, loaning, and investing. This suggests that we are far better furnished to reach our financial goals and attain financial security with a greater understanding of money matters.

As the economic market expands and becomes progressively more complicated, it is important that Canadians have the knowledge, abilities and self-confidence to make enlightened decisions about their money, budgeting and debt. Financial literacy is as important today as basic literacy.

Dedicating a financial literacy month 2020 to remind everyone how important financial literacy is, especially this year, is a great idea.

financial literacy month 2020

Financial literacy month 2020 content being shared

Canadian financial literacy month 2020 is dedicated to and therefore titled: Get Back to Basics! There is an entire calendar of events aimed to help you to update your studies in money matters.

This month, take some time to equip on your own and develop your very own understanding, abilities and confidence in handling money matters to ensure that you can make important financial choices. In these times we are experiencing, being better able to handle money matters is currently more crucial than ever before.

New content started on November 1st. The calendar of events include:

Money Basics (Nov 1-7).
Lay the foundation for smart financial planning with insights into subjects like financial investments, insurance coverage and retired life preparation Buying Basics (Nov 8-14).
The fundamentals of exactly how to be smarter with your money, including details on savings accounts, and all things worldwide of basic personal money planning basics. A broad range of information on how to make smarter purchases – both large and little! Find out more regarding credit reports, consumer debt and mortgages. (Nov 15-21).
Life Event Basics. Financial literacy hits you when major life events are involved. Check out the financial impact of events such as getting married, having children, losing a job and when illness strikes (Nov 22-27).

Financial literacy month 2020 aimed at giving you tips and tools to understand your finances

This year, financial literacy month aims to aid Canadians to find out just how to handle their funds in tough times. Keeping track of your money by making a spending plan will help a person to stick to a budget and remain on top of their finances.

Minimize debt: get only what you need. If you should borrow money, understand the cost of debt and have a plan to pay it back. CPA Canada has actually assembled resources to assist manage your financial resources and also provide you with the tools you require throughout this pandemic, during financial literacy month 2020 – and beyond.

Each November, Canadians celebrate financial literacy month. Urge your family members to discover new ways to become extra savvy with their money! Financial literacy month 2020 information even includes financial information for students and financial information for children. There is a plethora of information for all ages, including financial literacy for kids.

**And finally, financial literacy month 2020 and the coronavirus**

The Chartered Professional Accountants of Canada (CPA Canada) has just publicized its Canadian Finance Study 2020. According to this brand-new nationwide study, one-third of Canadians claim the tension associated with money management has increased due to the COVID-19 pandemic. This is understandable.

Survey participants state their income has been lowered as an outcome of the coronavirus. Thirty percent of participants report that in the early days of the COVID-19 lockdown, their savings rate decreased. However, 55% say that they are spending less as a result of the coronavirus. That is a good thing.

Recent information from Statistics Canada gives insight into the economic behaviour of Canadians during the COVID-19 pandemic. The second quarter of 2020 saw a spike in the savings rate to 28.2%. This is the highest savings rate since 1961!!

COVID-19 has had a clear effect on life worldwide. This further emphasizes the significance for individuals to take preventative measures in managing financial resources in the middle of the pandemic.

Some parents have the ability to keep their children at home to do online learning because they are too nervous about sending them to school. This is an opportunity for parents to add money management skills to your child’s education. The trick is to do projects with your children that teach lessons and skills that you must show them anyhow about money.

There are simple things you can do with very young children during financial literacy month 2020 and beyond, such as:

Show them different denominations of coins and bills.
Let the children sort through coins into like piles.
Let them then count the coins and come up with a total of each pile. Right down each total and then have them add up all the individual amounts into one grand total.
Use simple examples to teach your children how to make the change. This teaches them both arithmetic skills and financial skills. They need to know this to manage their lives, so why not do it this month?

I think all parents would feel very good about teaching these money skills to their children. This is much more preferable than leaving it up to the school and hoping that they properly understood the simpler money concepts they will use for their entire life.

Financial literacy month 2020 summary

I hope you have enjoyed this financial literary month 2020 Brandon’s Blog. Hopefully, you have better insight now into the fact that a sick insolvent company’s business can be saved by doing a sale of its assets to a healthy organization.

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Financial literacy for kids: Introduction

It’s important for kids to start learning about money at a young age. Financial literacy for kids is important so that they’ll be ready for the financial challenges of adulthood. Even something very simple like teaching a preschooler to save money in a piggy bank can be a good foundation for becoming financially literate and set up good money habits for life. That is why I put together this very simple three-step financial literacy curriculum.

Financial literacy for kids: Parents should prioritize a great financial literacy education for youth

In a world of virtual money with credit cards and online banking, our kids don’t often see transactions with money changing hands. Children are keen observers and they learn by example. If you create a program of financial literacy for kids, your children will be willing and eager students.

I heard a funny story about a mom and her young daughter. They were out and about and the child wanted her mom to buy her something. The mom thought the easiest way out was to say she had no money. So the child said, “You can go to the green machine and get some”.

The child understood that the ATM gives you money. But she had no idea about where money really came from or its value. Financial literacy for kids will teach them an appreciation for the value of money. They will know it is not earned easily. Parents need to teach their children about where money comes from, its value, saving, budgeting and goal setting.

Financial literacy for kids will also teach them about the need to make choices and that instant gratification through purchasing is wrong. And remember, children learn by example so make sure your financial house is in order. Financial literacy for kids is best taught when your children grow up in a household knowing and feeling that you and they are living the principles that you are teaching.

Financial literacy for kids: Teaching your kids of all ages about money should be part of your everyday life

Here is my simple 3 step financial literacy curriculum for great financial literacy education for youth:

Pre-schoolers: A piggy bank is an ideal way to instill the concept of saving.

Ages 5 – 10: Take your child to the bank and open up a savings account for them. Help them to goal set. Is there something special they want to save up for? Every time they have some money to deposit take them to the bank and have them give the cash to the teller. You can also reward them financially for doing extra chores so that they begin to understand the concept of working for money. Set up an allowance system and teach them to save part of their allowance. Leave some of their money to spend on themselves, introducing the concept of budgeting.

Ages 10 – 16: By now your kids should have an understanding of saving, working for money and budgeting. As they get closer to 16 they can begin working outside the home for extra money by babysitting, mowing lawns or having a paper route. Now is a good time to introduce the concept of credit, how to manage money and what happens if you don’t manage money properly. If they have mobile phones they should be taught how to keep track of their mobile data and what their limits are. You should also make sure that they know it is better to always check to make sure they’re on wi-fi so that they don’t run up big data bills.

Following these 3 simple steps in teaching financial literacy for kids will instill the necessary basic financial concepts. Your child will be well equipped to handle the financial challenges, issues and choices they will face in adulthood.

Financial literacy for kids: Everyone needs a financially healthy life

To instill the lessons of living a financially healthy life, you have to not only talk the talk, but you have to walk the walk. Perhaps you were not given the benefit of great financial literacy for kids when you were growing up.

If your financial house is not in order reach out to a professional trustee. Ira Smith Trustee & Receiver Inc. are experts in dealing with debt and we can set you back on a path to financial health Starting Over, Starting Now. Give us a call today.

financial literacy for kids