{"id":74622,"date":"2023-08-25T00:00:00","date_gmt":"2023-08-25T00:00:00","guid":{"rendered":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/life-events\/family-events\/parenthood\/raising-money-smart-kids-practical-tips-for-parents\/"},"modified":"2024-06-10T13:44:08","modified_gmt":"2024-06-10T17:44:08","slug":"raising-money-smart-kids-practical-tips-for-parents","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/life-events\/finances-and-relationships\/parenthood\/raising-money-smart-kids-practical-tips-for-parents\/","title":{"rendered":"Raising Money Smart Kids: Practical Tips for Parents"},"content":{"rendered":"<div class=\"wp-block-rbc-single-article-header\">\n\t<section class=\"section-grey cover pad-t-hlf\">\n\t\t<div class=\"section-inner w-half w-mob-full centered-margin cover section-grey pad-tb-0\">\n\t\t\t\t\t\t\t<div class=\"inline-block pill-container pill-taxonomies\">\n\t\t\t\t\t<div class=\"mar-b-hlf mob-mar-b snipe pill is-style-blue-pill\">\n\t\t\t\t\t\t<a class=\"primary-taxonomy\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/family\/\">\n\t\t\t\t\t\t\t<span>Family<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<h1 class=\"mar-b-hlf mar-t-0 mob-pad-lr-hlf h2 has-black-color\">Raising Money Smart Kids: Practical Tips for Parents<\/h1><p class=\"mar-b-0 mob-pad-lr-hlf author-text\">By RBC<\/p>\t\t\t\t\t<div class=\"featured-image-wrapper pos-rel\">\n\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"930\" height=\"620\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Untitled-design-2023-08-25T144933.819.jpg?quality=80\" class=\" cover-image  wp-post-image\" alt=\"Teenage boy counting dollar bills at his desk, putting them to piggybank\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Untitled-design-2023-08-25T144933.819.jpg 930w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Untitled-design-2023-08-25T144933.819.jpg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Untitled-design-2023-08-25T144933.819.jpg?resize=768,512 768w\" sizes=\"auto, (max-width: 930px) 100vw, 930px\" \/>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t<\/section>\n\t<div class=\"article mar-t-dbl\">\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner socials-section\">\n\t\t\t\t<div class=\"top-socials-bar mob-mar-b-hlf\">    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=Raising Money Smart Kids: Practical Tips for Parents &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/life-events\/finances-and-relationships\/parenthood\/raising-money-smart-kids-practical-tips-for-parents\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/life-events\/finances-and-relationships\/parenthood\/raising-money-smart-kids-practical-tips-for-parents\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  <\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner w-half w-mob-full centered-margin pad-tb-0 mob-mar-t-hlf mob-mar-b\">\n\t\t\t\t<p class=\"cover-pub-line text-xs mar-b-hlf\">Published August 25, 2023 \u2022 4 Min Read<\/p>\t\t\t<\/div>\n\t\t<\/section>\n\t<\/div>\n<\/div>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner w-half w-mob-full\" style=\"border-radius:0x\">\n<p>As a parent, you want to equip your kids with all the skills they need to be happy and successful. In addition to reading, writing, and math, they&#8217;ll benefit from basic financial literacy \u2014 something usually not taught in school.<\/p>\n\n\n\n<p>The good news is there&#8217;s a lot you can do to give them the knowledge and skills to make informed money decisions. These actionable, age-appropriate tips can help your kids develop the skills they need to manage their finances throughout their lives.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Early money lessons<\/h2>\n\n\n\n<p>As elementary school students, your kids will receive lessons in basic math, including adding and subtraction, allowing you to reinforce their learning with concrete money exercises. You can do the following activities with your children to get them thinking about setting money goals and saving.<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list default is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Work with your kids to identify an age-appropriate savings goal.<\/strong>&nbsp;Perhaps they want to buy ice cream at the store, or there\u2019s a book they\u2019ve been wanting to read. Whatever goal they have in mind, you can use it to teach them about money and saving.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Open a bank account.<\/strong>&nbsp;You don\u2019t need to ditch the piggy bank altogether, but opening an account can teach your kids about basic banking, earning interest, and making deposits and debit purchases.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Pay&nbsp;them an allowance.<\/strong>&nbsp;An allowance lets them use a set amount of money how they wish. When they receive money, they\u2019ll get practice making financial decisions. If they save it instead of spending it, they\u2019ll be building towards a goal.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Revisit your child\u2019s savings.<\/strong>&nbsp;Part of learning about saving is seeing how money accumulates. Bring your child to the bank occasionally or check their accounts online together to see how much they\u2019ve saved, how much they have yet to save, and how long they will need to keep saving to reach their goal.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Celebrate savings milestones.&nbsp;<\/strong>Hitting a savings goal is a huge deal. Acknowledge your child\u2019s efforts and let them pay using their own money.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<div class=\"wp-block-columns has-border-color has-grey-border-color has-light-grey-background-color has-background is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\" style=\"border-width:1px\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<p>The <a href=\"https:\/\/www.rbcroyalbank.com\/accounts\/leo-young-savers-account.html\" data-dig-id=\"LP-74622-239c9e5f\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Leo's Young Savers Account\" class=\"rbc-link-format\">Leo&#8217;s Young Savers Account<\/a> from RBC is designed especially for young people. It offers unlimited debit transactions, <em>Interac<\/em> e-transfers and no monthly fee. Learn more about this account and current offers <a href=\"https:\/\/www.rbcroyalbank.com\/accounts\/leo-young-savers-account.html?utm_campaign=acct_ype_v1&amp;utm_source=rbc_et&amp;utm_medium=email\" data-dig-id=\"LP-74622-be0adec6\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"here\" class=\"rbc-link-format goto-link\" data-icon-class=\"goto-link\">here<\/a><\/p>\n<\/div>\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Finance for older kids<\/h3>\n\n\n\n<p>As they become teenagers, they can take on more complex tasks and ideas, including earning, budgeting, spending, and investing. And, although they will become increasingly independent, you can still help them keep an eye on their progress.<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list default is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Consider changes to your child\u2019s allowance.&nbsp;<\/strong>As children get older, they have more use for money. In addition to discussing a raise, assigning them tasks they have to complete to earn their allowance may make sense. If they are old enough, consider letting them get a part-time job. Earning through work and having a regular payday can get your child into good spending and savings habits.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Set up a budget.<\/strong>&nbsp;Budgeting is a crucial money skill that will become increasingly important as they age. Get them into the habit early. Show them how to document any earnings, including from a job or their allowance, and any expenses. A good budget can also account for putting away an emergency fund and savings.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Help them track their spending.&nbsp;<\/strong>Whether it\u2019s buying clothes, things to decorate their room, or days out with friends, it\u2019s normal for teens to experiment with their own spending power. Your job is to teach them the value of their money, how to stick to a budget, and how to avoid overspending.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Talk about investments.&nbsp;<\/strong>Understanding investments is one of the most overlooked areas of financial literacy. It can have a significant impact on their future financial health. If you have investments or retirement savings, explain why you chose to invest in those companies and consider including your child in keeping an eye on the stock and company news. Discuss the investments they can contribute to now, like their RRSPs and&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/investments\/rrsp.html\" target=\"_blank\" rel=\"noreferrer noopener\">show them how compound interest grows their contributions<\/a>.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<div class=\"wp-block-columns has-border-color has-grey-border-color has-light-grey-background-color has-background is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\" style=\"border-width:1px\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<p><a href=\"https:\/\/www.mydoh.ca\/\" target=\"_blank\" rel=\"noreferrer noopener\">A money app for kids developed by RBC, Mydoh<\/a>&nbsp;gives your kids an account with a Smart Cash Card that lets them spend up to a limit while allowing you to set up tasks, transfer allowances, and track their earnings and spending along with them.<\/p>\n<\/div>\n<\/div>\n\n\n\n<p>Being money-smart is important at any age. Integrate financial literacy into your everyday home life to make sure your kids get the education they deserve.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse834a1009\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse834a1009\" data-dig-id=\"LP-57738-834a1009\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things our lawyers want you to know\"><span>Things our lawyers want you to know<\/span><span>Things our lawyers want you to know<\/span><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse834a1009\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p>This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\t\n\t<div class=\"wp-block-tk-spacer id-d5cd73a4-1269-4c7c-8e31-df92dcafc709\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<p class=\"has-text-align-center h5 mar-b\"><strong>Share This Article<\/strong><\/p>\n\n\n\n\t\t<div class=\"socials-block\">\n\t\t\t    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=Raising Money Smart Kids: Practical Tips for Parents &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/life-events\/finances-and-relationships\/parenthood\/raising-money-smart-kids-practical-tips-for-parents\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/life-events\/finances-and-relationships\/parenthood\/raising-money-smart-kids-practical-tips-for-parents\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  \t\t<\/div>\n\n\t\t\n\n\t\n\t<div class=\"wp-block-tk-spacer id-45916e55-0dd2-42e9-84e6-d03e39298001\" aria-hidden=\"true\"><\/div>\n\t\n\n\n\t\t\t<div class=\"wp-block-rbc-single-post-topics related-topics-links\">\n\t\t\t\t<p class=\"h5 mar-r-hlf\">Topics:<\/p>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/family\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Family<\/a>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/managing-money\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Managing Money<\/a>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel mob-pad-t-dbl\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading mar-b mob-mar-b-dbl mar-t-0\" id=\"h-read-this-next\">Read This Next<\/h2>\n\n\n\t\t\t<div class=\"related-posts-type-2\">\n\t\t\t\t<div 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How to Balance Education and Retirement Savings<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class= 'grid-one-third grid-tb-full grid-mob-full mar-b'>\n\t\t\t\t\t\t\t\t\t\t<article class=\"col-wpr mar-b-0 mar-r-0 mar-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"postcard-img-ctr post-card-image col-md-12 col-xs-6 mob-mar-b-0 pad-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/03\/shutterstock_570500365_SandwichGeneration.jpg?quality=80&amp;w=1024\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Three generations of a family on a beach representing the sandwich generation who care for elderly parents while raising children.\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/03\/shutterstock_570500365_SandwichGeneration.jpg 8688w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/03\/shutterstock_570500365_SandwichGeneration.jpg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/03\/shutterstock_570500365_SandwichGeneration.jpg?resize=768,512 768w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/03\/shutterstock_570500365_SandwichGeneration.jpg?resize=1024,683 1024w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/03\/shutterstock_570500365_SandwichGeneration.jpg?resize=1536,1024 1536w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/03\/shutterstock_570500365_SandwichGeneration.jpg?resize=2048,1365 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" 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class=\"advgb-styles-renderer\">\n\t\t.wp-block-tk-spacer.id-d5cd73a4-1269-4c7c-8e31-df92dcafc709 {\n\t\theight: 96px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-d5cd73a4-1269-4c7c-8e31-df92dcafc709 {\n\t\t\theight: 30px;\n\t\t}\n\t}\t\n\t\t.wp-block-tk-spacer.id-45916e55-0dd2-42e9-84e6-d03e39298001 {\n\t\theight: 60px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-45916e55-0dd2-42e9-84e6-d03e39298001 {\n\t\t\theight: 30px;\n\t\t}\n\t}\t<\/style>","protected":false},"excerpt":{"rendered":"<p>How do you teach your kids about money matters? Integrate financial literacy into your everyday life with these tips.<\/p>\n","protected":false},"author":10,"featured_media":74623,"parent":57303,"menu_order":0,"template":"","meta":{"_acf_changed":false,"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","footnotes":""},"tags":[522,520],"rbc_content_type":[31],"rbc_audience":[39],"rbc_lob_group":[71],"rbc_difficulty_level":[33],"rbc_mmm_category":[315,314,356],"class_list":["post-74622","rbc_my_money_matter","type-rbc_my_money_matter","status-publish","has-post-thumbnail","hentry","tag-family","tag-managing-money","rbc_content_type-article","rbc_audience-parents","rbc_lob_group-investments","rbc_difficulty_level-beginner","rbc_mmm_category-finances-and-relationships","rbc_mmm_category-life-events","rbc_mmm_category-parenthood"],"acf":{"contently_publication_id":"363367","custom_author":"","rbc_video_header":"","rbc_media_duration":"","rbc_video_keywords":"","rbc_video_description":"","rbc_video_upload_date":"","rbc_toc_for_mmm_tag":"h2","rbc_toc_for_mmm_limit":6,"rbc_toc_for_mmm":null,"rbc_toc_for_mmm_action":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<meta name=\"description\" content=\"How do you teach your kids about money matters? 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