Financial Education

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    You’ll talk about driving responsibly.
    But what about spending responsibly?

    Money confidence starts with money conversations.

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    You'll talk about each other's likes and dislikes.
    But will you talk about your finances?

    Money confidence starts with money conversations.

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    You'll talk to them about minding their manners.
    But what about minding their dollars and cents?

    Money confidence starts with money conversations.

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    Money management for parents

    Where will your children learn their most powerful lessons about money? From you. So keep these basic principles in mind to keep on top of your own finances – and set an example for your kids in the process.

    Budgeting

    Budgeting

    Sticking to a budget can help you keep on top of all the expenses parenthood entails and save for the future.

    Tip : A Tax-Free Savings Account (TFSA) is a great way to save tax-free or use as an emergency fund. Visit the Get Saving page on our website for tips on saving.

    Education Saving

    Education Saving

    Start saving early for your children’s education expenses and you can help them avoid student debt.

    Tip : A Registered Education Savings Plan (RESP) combines tax-deferred saving with government contributions to help you save faster. Learn more about RESPs.

    Continued Learning

    Continued Learning

    If your money skills aren’t where you’d like them to be, consider taking a class, visiting the library or researching online. The more you learn, the more you can teach your kids.

    Tip : Visit TD Financial Education Resources to find out about the programs available.


    Learning Stages

    Kids’ understanding of money concepts grows as they do. The following guidelines can help you tailor money lessons to your child’s age and developmental stage.

    5-6 image

    Preschoolers may be too young to understand the concept of money, but they are learning to count, and have a basic knowledge of quantities.

    At this stage, kids are interested in the different shapes and colours of money. Handling real money can help them learn more about it.

    At five, kids have a simple understanding of time. They may understand the concepts of "today" and "two more sleeps," but not "next month."

    Kids at this age are learning to share even more – whether it’s their toys, treats or gifts. Reinforce this learning by setting an example.

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    At this stage, kids are easily attracted to new products and packaging but might not yet understand what’s involved in paying for them.

    Generally, seven- and eight-year-olds understand the concept of savings. Most have had a piggy bank, which is a fun, playful way to save money.

    Either through allowance or money for extra chores, kids at this stage are often introduced to their first earnings.

    Kids at this age have usually grasped basic math skills like addition and subtraction, which can help them learn the value of money.

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    At this stage, many kids are learning how to use their bank account, such as making deposits and withdrawals.

    Pre-teens are usually receiving an allowance or gift money that they need to manage. The amount doesn’t matter as much as how it’s handled.

    Kids this age are becoming junior consumers. It’s important to give them the right tools to make wise choices.

    Many pre-teens use debit cards (depending on the age restrictions of their bank), which offer hands-on money management experience.

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    Many teens either have part-time jobs or are looking for one. They’re learning that additional income brings additional responsibility.

    When teens are earning their own money, it might be time to ask them to cover some of their own expenses.

    At this stage, kids are often developing their plans for the future – looking ahead to college, university or a big trip.

    It is important for teens to develop an understanding of credit and how a credit card works.

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    Teens at this stage will likely have some part-time income. Reinforce the connection between their part-time earnings and their purchasing power.

    Sharing the family budget will help your teen learn about real-world costs and keep their expectations in line with your family’s financial reality.

    At this stage, teens are often more seriously planning for the future – looking forward to college, university or trade school.

    Once teens start earning and spending their own money, they’ll likely want to learn how to get the best value for their hard-earned wages.


    The TD MySpend companion app is the perfect addition to your TD app. To use TD MySpend, the TD app must also be installed on your device. Then, you can instantly keep track of your monthly spending and help improve your spending habits!

    Download on the App Store    Download Android app on Google Play