![]() Parents should also talk to their kids about saving for post-secondary education and investing their own money into an RESP. "She always talks about money when usually there's big expenses coming up." And Young admits they don't talk a lot about budgeting. “We're not afraid to talk about money, but it doesn't come up often," said Phoebe Yong, Katherine’s mom. “If I'm babysitting, I save 10 per cent and then when I receive my cheque from tutoring at a Kumon centre and I save 20 per cent," she said, "My three financial goals are having money for university, having money to spend after university and having money to give to charity,” Sixteen-year-old Katherine Jang started using money jars a long time ago, and now that she’s got a job, she’s learning to save even more. “You can start as easily as using money jars,” he said. He says the most important lesson is budgeting. Lee says parents should start educating their children about money at around the age of ten. “A lot of parents are not comfortable talking with their children about finances,” said David Lee of Blue Shore Financial. It also found that a third of the youths wished their parents would talk to them more about family finances. One in three teens believed their family had money problems. The survey of teens 10 to 17 years old showed 34 per cent felt there were secrets in the home when it came to money. ![]() The subject of money and finances is one of the least discussed topics in the household, according to an Ipsos Reid survey, and that could leave your child struggling to make the right financial decisions later in life.
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