It’s important to start teaching children about money and its value at a young age. Bank of Montreal’s Omar Abouzaher says some parents wait too long to teach their kids financial literacy, and that parents can start early by explaining what it means to save, and then build on that foundation.
Waiting until the child is older, and then cramming as much information into their brains as possible, is not the route to go. That way, they can learn the simpler ideas about saving and money when they are young and can begin to implement more complicated concepts when they get older, like understanding debt and how to pay tuition and so on and so forth. Omar also believes there’s a better way to teach kids about budgeting, saving and personal finance than simply telling them about it. It must be more engaging and exciting for kids to pick it up.
“I think we need to de-mistify banking…I think the best way to do it is in a fun way, or in games…you do it in a way where kids would understand it,” says Abouzaher.