Let's talk about MONEY with our children

Let's talk about MONEY with our children

Let's talk about MONEY with our children

Yes, but from what age?

It's important to teach our children about finances from an early age to prepare them to avoid financial mistakes later on. Experts recommend starting to talk to them about money at age 3. However, this depends on their age and it is important to adapt the lessons accordingly.

“Because they need:

  • To know the value of money
  • Understand that you can't have everything right away
  • Learn to manage their money
  • Make thoughtful decisions
  • To have financial independence
  • To avoid future financial problems”1

Start talking about money early and adapt your teaching according to the age of the child, here is how:

3 to 7 years old

  • Do trading or imitation games (a banana for an apple or playing grocery store);
  • Give your child a piggy bank explaining how savings can help them reach their dreams; This can be divided into categories:
    • Savings
    • Small immediate pleasures
    • Long term objectives
  • Give him some pocket money to manage each week;*
    • For example $0.50 or $1 per year of age per week. So at 7, $3.50 to $7 per week;
  • Save a portion of each cash gift they receive;
  • Encourage people to save by contributing to their piggy bank;
  • Play games involving notions of finance such as Monopoly;
  • At the grocery store, teach him to stick to a budget by buying only the items that are on your list;
  • Open a first bank account.

*It is very important to explain to children that daily tasks such as picking up their room or making their bed do not have to be paid. However, if he does a little extra, like emptying the dishwasher or vacuuming, an amount of money could be offered to him.

8 to 12 years old

  • Participate in the achievement of a goal;
  • Show him how to take advantage of promotions according to his real needs;
  • Involve him in family decisions that require a financial choice;
  • Help him distinguish a need from a want by asking him questions;
  • Show your children that you save regularly for your own projects;
  • Discuss money with your children to teach them the value and importance of saving.

13 to 18 years old

  • Encourage him to set a savings goal;
  • Teach him to make a budget in order to understand his expenses;
  • Explain the dangers of paying on credit;
  • Remind him that a loan must be repaid quickly and that he must assess the interest, because it is wasted money;
  • Explain to him the advantages of a TFSA and an RRSP;
  • Analyze the first payslip together.


In conclusion, it is important to teach our children about finances from an early age to prepare them for a stable financial life. This can be done by using games to initiate younger children and instilling more and more responsibility as they grow.

Thank you to Nataly from Fric et Fortune for her tips.


  1. https://www.fricetfortune.ca/fr
  2. https://ia.ca/zone-conseils/famille/enseigner-de-bonnes-habitudes-d-epargne-a-vos-enfants