Honesty is the Best Policy: Parents Should Talk to Their Kids About Money Stress, So That They Don't Get Mixed Messages

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It may be a difficult task, but talking to kids about money matters is one of the best things parents can do to help their children understand the importance of personal finance. With the back to school season upon us, Canadians should urge their children to become aware of personal finances by educating them. Consolidated Credit offers Canadians tips and advice on how to talk to your kids about money.

It may be a difficult task, but talking to kids about money matters is one of the best things parents can do to help their children understand the importance of personal finance. With 5.2 million kids headed back to school this week, parents want to avoid kids getting mixed messages about money. Consolidated Credit offers Canadians personal finance tips on talking to your kids about money stress.

In recent months, Canadian parents have been coping with financial issues and kids have been paying attention. Now is the time to talk to your kids about the stress surrounding your family's personal finances, and let kids understand what is going on and why. "Being open and honest with your children about money matters is the best way to stay positive and reassuring", according to Jeff Schwartz, of Consolidated Credit. Parents may want to shelter their kids from money stress, but kids will eventually pick up on what's going on. Therefore, the sooner parents talk to kids about money matters, the better.

Consolidated Credit offers Canadian parents no-sweat advice on talking to kids about money matters, just in time for the back to school season;

  •     Be open and honest: when talking to your kids about money matters, use simple terms that are clear and easy to understand. Tell kids the honest truth about money stress and concerns you have regarding your personal finances, and come up with creative ideas to overcome these money problems together.
  •     Be realistic: about your financial situation. Try to avoid "sugar-coating" the situation, as kids may pick up on this.
  •     Be a role model: by setting a good example for your kids. Show them how you budget, plan and spend- so that they can pick up good financial habits.
  •     Be comforting & reassuring: try to avoid incurring unnecessary stress on yourself and your kids. Remember that your kids look up to you for reassurance and support.
  •     Be optimistic: by putting a positive outlook on your personal finances. Being proactive about budgeting, planning and saving is a great way to work towards your financial goals.

Consolidated Credit Counseling Services of Canada Inc.'s mission is to help people end financial crisis and solve money problems through debt management, financial education and professional counseling. For more information and resources on budgeting your personal finances, visit http://www.consolidatedcredit.ca.

For interviews with Jeffrey Schwartz or inquiries about Consolidated Credit Counseling Services of Canada please contact Galit Osadtsuk, Director of Community and Public Relations at 1-800-656-4120 ext. 1014 or gosadtsuk(at)consolidatedcredit(dot)ca

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