Times of India

June 12: What NOT to Teach Kids About Money

June 12, 2025

Let’s face it – we all wish that our kids and grandkids live long, happy lives and manage their finances well. Ideally, we are setting an example for them to follow, right?

But Save with SPP suspects that we may inadvertently be setting some poor examples for them to follow. Let’s have a look around the Interweb for things we should not teach our kids about money.

At the MoneyTime blog, the top tip is to avoid “not talking about money with your kids.”

“Not talking about money to kids is setting them up for financial disaster. After all, money makes the world go round. We all use it, we all need it. It gives us choices and the freedom to do things for ourselves, our family and our community. Kids need to know about it so it’s essential we include them in our day-to-day conversations – like doing the shopping, buying stuff online, going to the bank, budgeting for a holiday,” the blog advises. Just be honest with them, the blog continues.

The blog opposes the idea of “giving children money for nothing.”

“Giving them money without them having to earn it means they don’t learn the value of it. That it doesn’t grow on trees or appear automatically from a hole in the wall. Money is earned by working hard and being smart. It’s one of life’s immutable laws and the sooner they get that ingrained in their heads, the better for their future and your cash flow,” the blog suggests.

A third idea from MoneyTime is to avoid “not teaching your children about debt and credit cards.”

“Without understanding the true cost of debt, your kid may be headed for a bad start to their independence when they turn 18 and get inundated with credit card applications. They may be lured into getting credit cards and thinking their credit limit means they `have money.’ Of course this is not the case. It’s borrowed money and if the repayments are not met, the interest escalates rapidly,” the blog warns.

Great advice – we have already had this convo with our oldest granddaughter.

The Codeyoung blog serves up a few more.

Don’t “not set a good example” with your own money management skills. “Children learn by observing. If parents and teachers don’t manage money well, children may pick up bad habits,” the blog notes.

Another example from the blog is to avoid “overemphasizing spending.”

“Focusing solely on acquiring things rather than on financial responsibility and values can lead to poor money management habits,” the blog notes. You can avoid this, the blog adds, by making an effort to “balance lessons on spending with teachings on saving, budgeting, and investing…  emphasize the importance of keeping records of money spent and balancing it with saving.”

Similarly, a mistake parents can make is “not explaining the difference between needs and wants.”

“Children must know the difference between needs and wants so that they can plan their budget accordingly which becomes in favour of their interest,” the blog reports. “Without understanding the difference, children may struggle with prioritizing their spending.”

The Times of India provides some final thoughts on this topic.

Don’t, the newspaper reports, micromanage your kids’ finances. This “can prevent them from learning valuable lessons about finances. Allow them to make choices with their pocket money and discuss the outcomes together, helping them understand the consequences of their financial decisions. This will help them become independent.”

Similarly, don’t force kids to save, the Times suggests.

“Forcing children to save can lead to resentment and a lack of understanding about its importance,” the newspaper notes. Instead, teach the importance of saving “by setting savings goals together,” the article adds.

Finally, the Times asks us all as parents not to “depend on the school/teachers to teach” about money. Assuming they’ll learn about money in school can “lead to gaps in their financial knowledge.” Better to help their education by setting up fun saving and budgeting activities on the home front, the newspaper concludes.

One way we can help our older, adult children is to ensure that they are saving for retirement. If they can join a retirement savings program through their workplace, encourage them to join and contribute to the max.

If they don’t have a workplace pension program, let them know about the Saskatchewan Pension Plan, a voluntary defined contribution plan that’s open to any Canadian with available registered retirement savings plan (RRSP) room. One great feature that parents like – once someone makes contributions to the SPP, they are “locked in” until retirement. That prevents the retirement piggy bank from being raided in the decades leading up to the gold watch.

Check out SPP today!

Join the Wealthcare Revolution – follow SPP on Facebook!

Written by Martin Biefer

Martin Biefer is Senior Pension Writer at Avery & Kerr Communications in Nepean, Ontario. A veteran reporter, editor and pension communicator, he’s now a freelancer. Interests include golf, line dancing and classic rock, and playing guitar. Got a story idea? Let Martin know via LinkedIn.


How the pandemic has changed the way we save and spend

June 10, 2021

As – touch wood – we begin to see the end of the COVID-19 pandemic, we ought to begin to see a return to normal, at least in terms of how we save money and how we spend it.

But the pandemic has changed the way we do those things, research by Save with SPP has found.

According to CTV News, the pandemic “has changed grocery shopping forever.”

It’s expected, for instance, that the trend towards online grocery shopping will continue even after the pandemic.

“The online buying, based on the numbers that we have now, I don’t think it’s ever going to go away,” Sylvain Charlebois, director of the Agri-Food Analytics Lab at Dalhousie University, tells CTV. “I think more and more people will continue to buy food online, regularly, whether it’s through order and pick-up or to get the food delivered.”

And it’s not just big grocery stores, the article notes. The owner of a small Nova Scotia-based meat shop says she thinks online ordering and curbside pickup will continue after the all-clear is given on the pandemic.

The Times of India says there are six lasting money lessons from the pandemic that we all can learn.

“One thing that the pandemic has made us all realise is that we can all save way more than we think. We were forced to stop eating out, go shopping, partying, go to movie theatres or concerts etc. While these are the things we will want to do as things slowly go back to normal, we have had a glimpse of how much we can save if we do not indulge in them as often as we used to,” the article begins.

The point of having an emergency fund has been underscored by the pandemic, the Times notes. The job loss many of us experienced impacted our workplace benefits, prompting some to consider self-insuring, the article adds.

The pandemic also shows us the danger of high-interest debt – what happens with it when our work is reduced or outright ended.

“High-interest debt, like credit card or personal loan, is harmful to you financially even when you have a regular paycheque in your hand. The damage caused by them increases many folds if you are out of a job. Further, if you are unable to pay on time, the piling interest rate can increase the debt amount,” the Times tells us.

A Toronto Sun article provides seven tips – aimed at small business owners, but useful for all of us – based on lessons learned from toughing it out during the pandemic.

Keep track of your credit score, and pay down debt, the article advises. Diversify your investments. Stick to a budget, and set up an emergency fund, the article tells us. “You don’t want to be caught off guard when it comes to unexpected expenses,” we are told. Finally, the Sun says, get back on track with your retirement savings.

There’s a general theme to these messages, and it is a good one to listen to. We’ve been limited on spending, and are often involuntarily saving more, for more than a year. A spending “explosion” is expected when things are fully reopened. The experts here are warning us not to go overboard, to follow a budget, to continue to save, and to wade, rather than jump, back into the re-opened economy.

Retirement saving is a great thing to be doing in good times or bad. With the Saskatchewan Pension Plan, you are in control of how much you want to contribute to your future retirement. If money is tight, you can gear down; if money is more plentiful, you can contribute more. And the money you do contribute will be professionally invested for you. It will be waiting once you punch the timeclock for the last time. Check out SPP today.

Join the Wealthcare Revolution – follow SPP on Facebook!

Written by Martin Biefer

Martin Biefer is Senior Pension Writer at Avery & Kerr Communications in Nepean, Ontario. A veteran reporter, editor and pension communicator, he’s now a freelancer. Interests include golf, line dancing and classic rock, and playing guitar. Got a story idea? Let Martin know via LinkedIn.