Show notes
Do you remember when and how you learned about money? From budgeting and saving to applying for credit cards or taking out a loan, building an early foundation of financial literacy is a key strategy to ensuring long-term financial success. That makes it all the more important for parents to grant their children a measure of money-savviness and financial know-how as soon as they can.In a world where financial literacy is more vital than ever before, this episode of Smart Advice goes deep into teaching kids about money at any age and stage with the help of Robin Taub, author of The Wisest Investment: Teaching Your Kids to be Responsible, Independent and Money-Smart for Life. Whether you’re a parent eager to guide your children toward financial independence or an educator looking for insights on financial literacy, this discussion offers invaluable strategies to help shape financially responsible and confident young adults.Here are three reasons you should listen to this episode:Discover practical tips for teaching financial literacy to children at any age.Learn about Robin Taub’s five pillars of money managementGain insights on how to be a financial role model for the next generation.ResourcesTeach your kids about money using articles and resources from CIBC’s Ambitions ToolkitPick up a copy of The Wisest Investment!Episode Highlights[01:49] Robin Taub's Background and MotivationRobin Taub, a CPA and mom, shares her journey from number-cruncher to financial educator.Her book was born out of a passion for helping parents feel confident in teaching their kids about money.Robin noticed that many parents feel out of their depth when it comes to money talks with their kids.She crafted the book as a go-to guide for raising financially savvy and responsible kids.[03:29] When and How to Start Teaching Kids About MoneyRobin suggests kicking off money lessons as early as five, turning everyday errands into learning adventures.Simple activities like grocery shopping can become fun ways to introduce basic money concepts.Starting early gives kids a head start on building smart money habits that will last a lifetime.[06:38] The Five Pillars of Money Management and Parents as Role ModelsRobin breaks down money management into five key pillars.[06:53] Robin: “So depending on the age that your child is, you're going to find these different types of teachable moments, but they are all going to come under what I call the five pillars of money, and those are earn, save, spend, share and invest.”These pillars grow with your child, adapting as they move from piggy banks to real-world finances.Parents are encouraged to level up their own financial knowledge to lead by example and teach with confidence.[08:48] Robin: “It’s hard if you don't feel like you're particularly good with money yourself to feel like you can teach your children, but I try to encourage parents to learn along with their kids.”Being a role model isn’t just important—it’s the secret sauce to raising money-smart kids.[11:58] Financial Literacy in Schools and Guidance for Young AdultsOntario high schools are stepping up with a new financial literacy test, and Robin is all for it.[12:51] Robin: “Kids need to learn this stuff wherever they can. I mean, who you know? Going back to the original — if you're not teaching your kids about money, who is?”While schools are laying the groundwork, parents play a crucial role in reinforcing these lessons at home.As kids grow into young adults, they’ll need guidance on navigating credit, saving for college, and dipping their toes into investing.[18:22] Financial Literacy: A Two-Way StreetWe have to remember too that children don’t have our level of financial education.[19:12] Robin: “Sometimes the things that we take for granted that we know at this point, kids don't know.”However, financial education isn’t just top-down; parents can pick up new tricks from their tech-savvy kids.Some kids today are clued into the latest financial tools and trends, and parents can learn a thing or two from them.Making financial mistakes isn’t the end of the world—it’s a priceless learning opportunity, especially with parental support.Guiding your kids through financial missteps helps them bounce back stronger and smarter.[21:14] Robin: “You need to let your kids — you want to teach them, but you also need to let them make mistakes and learn from them.”[24:26] Robin’s Top Three Strategies for Teaching Financial LiteracyLead by example. Your children will see you as a role model when it comes to money. This includes where you excel and where you make mistakes.Be on the lookout for teachable moments in day-to-day life. There will be something appropriate for a child of almost any age — even as young as five!Impart and build values when you give your child a financial education. Discovering what’s important to you and them can help shape their future decisions.About RobinRobin Taub is a Chartered Professional Accountant (CPA) and a passionate advocate for financial literacy. With a background in finance and a deep understanding of the challenges parents face in teaching their children about money, she has dedicated her career to making financial education accessible and engaging for families.Robin is the author of The Wisest Investment: Teaching Your Kids to be Responsible, Independent and Money-Smart for Life, a highly regarded guide that empowers parents to raise financially savvy children. Drawing from her experiences as both a financial professional and a mother, Robin’s work emphasizes the importance of starting financial education early and the role of parents as financial role models, making her a leading voice in the field of family financial education.Connect with Robin Taub on LinkedIn, or visit her website.Enjoyed this Episode?If you did, be sure to subscribe and share it with your friends!Post a review and share it! If you enjoyed tuning in, leave us a review. You can also send this with your friends and family — especially the parents! The earlier a child learns financial literacy, the better their chances of becoming money-savvy and successful as adults.Have any questions? You can connect with me on LinkedIn or through CIBC’s Facebook, Twitter, or Instagram.Thanks for tuning in! For more updates, visit our website. You can also listen to more amazing episodes on Spotify or Apple Podcasts.