“For affluent parents, it’s a concern – educating their kids about money,” says Robin Taub, a Toronto-based chartered professional accountant and author of A Parent’s Guide to Raising Money-Smart Kids. “Most parents want their kids to be financially responsible and independent.”
Evan and Todd discuss how parents can improve their financial literacy and teach their children with confidence with Robin Taub, financial consultant and author of “A Parent’s Guide to Raising Money Smart Kids”.
Giving children an allowance can help instill positive money habits, financial experts say.
When it comes to money and kids there is one fundamental lesson most of us fail to teach our children, and that is how to make money grow which, in turn, creates wealth.
A 2015 survey conducted by Chartered Professional Accountants Canada uncovered similar results: “At the total level, female members have a median total compensation of $99,000 versus $120,000 among their male counterparts.”
Experts say that encouraging children to follow the stocks of established companies that make products they like is a great way to develop an interest in the stock market. It could spark a lifetime appetite for smart investing.
Canadians of high net worth – generally defined as having at least $1-million in investable assets – want to ensure the money they’re passing on to their children isn’t frittered away.