June, aka graduation season, is upon us! 

June is a time of celebration and transition, and as parents, we want to ensure our young graduates are well-prepared for the challenges and opportunities that lie ahead.

With summer just around the corner, many teens will be getting their first “real jobs”. You can help them:

• Apply for a Social Insurance Number (Social Security Number for our US readers). Remind them to keep their SIN confidential in order to prevent fraud or identity theft.
• Set up direct deposit of their paycheque. Encourage your teen to pay themselves first by setting up an automatic transfer to a separate savings account.
• Understand their paystubs by discussing gross vs net pay, specifically deductions withheld at source and remitted to the Canada Revenue Agency for Canada Pension Plan and Employment Insurance contributions and income tax.

Even more tips to help your teen become responsible, independent and money-smart for life are in the “Teaching Teenagers” chapter of The Wisest Investment. Although it’s written for parents, it makes a great high school or university graduation gift. As one Amazon reviewer wrote, “Easy to understand. My 21 year old said it was great.” 

Another book we recommend for teens is by Douglas Price: Seventeen to Millionaire: You’re seventeen. You’re Canadian. You wanna be rich. Let’s do This. The title and subtitle say it all!

As we cheer on our graduates and watch them embark on the next stage of their lives, let’s empower them with the knowledge, skills and confidence to navigate the world of personal finance successfully. 

Father’s Day is June 18!

Like moms, dads play a significant but different role in raising money-smart kids. For example, one study found that dads tend to focus more on the hands-on aspects of money, and we have some examples in our infographic below. 

What did your father, grandfather, or father figure teach you about money? We’d love to hear from you!