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Humanomics Launch an Initiative to Make Financial Literacy Tools Readily Available

Surrey, BC-- With only 44 per cent of Canadian parents speaking with their children about money matters (according to a national poll carried out by Ipsos Reid in March), a group of Humanomics credit unions have collaborated to launch a variety of financial literacy tools and tips to assist Canadian parents in undertaking this important life skill discussion.

After introducing Canada’s first-ever bonus savings account for 11- and 12-year olds earlier this year (the first of many innovative initiatives planned by the group), the credit unions behind the Humanomics Youth Savings Account are going one step further to improve the knowledge and saving habits of youth. A new, free, online workbook designed to create a money skills conversation between youth and parents, and key tips to get children started on forming healthy financial habits are being provided along with the fall offering of the savings account.

“We know that Canadian parents see the value in teaching their children about money matters, but would like more help from financial institutions in educating youth about savings and debt—that’s where Humanomics credit unions come in,” said Don Coulter, Coast Capital Savings’ interim president and CEO. “We’re putting the tools in the hands of families to bring financial conversations to the dinner table.”

“Talking to kids about money isn’t always the easiest conversation,” said Marie Mullally, President and Chief Executive Officer, Credit Union Atlantic. “With so many mixed messages coming at them from all directions, it’s hard to differentiate between wants and needs. Our new Humanomics financial literacy workbook, which we will be offering free to youth along with helpful tips for parents, introduces basic concepts around saving, spending and donating along with activities to reinforce what they’ve learned.”

“As demonstrated in our new online workbook designed to create a money skills conversation between youth and parents, there are many ways to bring the topic of money into the everyday conversations we have with our kids: at the grocery store; while shopping for back to school items; when planning a family vacation; or even while making a withdrawal from the ATM,” added Coulter. “These are all great opportunities to get kids thinking about how to make smart money decisions.”

Here are five simple tips they’re sharing to help parents approach the money conversation:

• Start young; children love to collect things, so build on your child’s interest in coins and provide them with a piggy bank they can use to start a collection.
• Use visuals; there are a number of websites and apps available that have been designed to help children understand money management by tracking their spending or helping them save for a specific goal. HumanomicsCU.ca has a free financial literacy workbook available for download to do just that.
• Leverage real life lessons; take your child with you when you run errands such as grocery shopping and use store coupons to create a savings game.
• Give your child an allowance; attach the allowance to specific duties to reinforce that financial compensation is reliant on certain tasks and responsibilities.
• Encourage savings; show your child that money has profit making potential all on its own. If possible, consider contributing to the pot if they save, similar to how interest builds in a savings account.
 
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