Money Matters with Jim Doyle
Episode #6 Family & Money – Talking to the Kids about Money
What is this show about?
On this show, join me and my guests, Alyson Jones and Ida Harvey of Alyson Jones of Alyson Jones & Associates Inc. and Cheryl Borgmann of Junior Achievement British Columbia, as we explore the significance of helping children learn valuable money lessons, offering tips preparing them to be responsible money stewards for the years ahead.
Financial literacy provides us with the skills and necessary knowledge to make financially responsible decisions, providing the backdrop to a life well-lived. Teaching kids about money has a great impact on their future – empowering their transition to independence AND adulthood – but some parents harbor anxiety over their financial knowledge and skills and struggle with these conversations.
Financial literacy rarely seems important – until a time of crisis, when we’re asked to make important decisions affecting our futures – with whatever financial skills we have.
he weekly television series Money Matters with Jim Doyle was created in an effort to encourage Canadians to explore some of the financial issues we help clients address throughout their increasingly complex lives.
We invite you to tune in Thursday at 5pm PT or Sunday at 7am PT on Joytv.
What was the motivation behind the show?
When you were growing up was money a secretive thing not to be talked about in polite company? It’s been suggested many of our lifelong money values develop early in life, as children. One thing in my practice I hear over and over from parents – I wish you could teach my kids this stuff.
A new summer tradition: The Money Talk? People are inclined to ask – when is it appropriate to talk about money or disclose wealth and estate plans to children? Age appropriate transparency instead of waiting to disclose important information only when it is urgent – can help remove some of the stigma of talking about money. A couple of tips to make the process work better: consider having an agenda; keep things simple and practical but keep them engaged; focus on the ‘what you will talk about’ and how you will deliver it; give everyone a voice; and finally – have fun.
Several years ago I met a dentist who was telling me about the wonderful job he had done teaching HIS kids about money and investments, but was dismayed this teachings had skipped a generation. So he asked if he could talk to the grandkids with an offer to match their allowance – but it came with a catch. He explained his belief that a third of the money should be saved, a third should be given to those less fortunate and the remainder – it was ok to spend it. To get the matching money, the grandkids would have to give him receipts of where they spent the money but they were free to choose where and how they spent it. After several months, he was pleasantly surprised at the choices the grandkids were making. He said the results were beyond money.
What are we hoping will come out of this show?
Balancing needs and wants is tough for children, and surprisingly so for adults as well. We want to help parents have a hand in enhancing their kids’ financial literacy because the cost of not having these conversations is too high.
Jim Doyle, Doyle & Associates Private Wealth Management, Investors Group Financial Services Inc.
This is a general source of information only. It is not intended to provide personalized tax, legal or investment advice, and is not intended as a solicitation to purchase securities. Jim Doyle is solely responsible for its content. For more information on this topic or any other financial matter, please contact an IG Wealth Management Consultant. Views of guest speakers may not be shared by IG Wealth Management.