FOR IMMEDIATE RELEASE
TEACH KIDS FINANCIAL FITNESS
FPSC Offers Resources
Toronto, February 5, 2007 — How often have we said as adults, "If only I'd known then what I know now?"
Well, when it comes to financial fitness, it's never too early to give young people a step up towards a more financially secure future. Developing financial savvy and good habits when you are young can pay off later in life when it really counts. Here are a few tips offered by CFP professionals Kurt Rosentreter and Diane Koven:
For younger children, Diane Koven CFP, says:
"Involve children in planning for major family purchases such as a vacation to Disneyland or the purchase of a backyard swimming pool. Discuss how much it costs and what it took to save the money."
"As parents, try to set good examples in your own behaviour from which your children can learn — e.g. not over-extending on credit, establishing budgets and regular saving plan, etc."
"Pay young children for 'extra' chores and teach them how to budget their earnings — e.g. assign one jar for savings and one for spending."
"Give your children an allowance (separate from chore earnings) so they can learn early how to manage regularly incoming money (e.g like a salary). Provide guidance along the way so they spend and save wisely."
For older children, Kurt Rosentreter CFP, suggests:
"Teaching fiscal responsibility at an early stage gives them a good start when they reach the workforce."
"Involve your children in the budgeting process in paying for post-secondary education so they appreciate what is involved."
"Empower your children to have some responsibility in paying for school — e.g. discuss student debt issues, encourage part-time work, explore various lending and grant options, etc."
"Involve them in discussions regarding your savings — e.g. RESPs and/or other investment decisions related to funding their education."
CARE TO HEAR MORE? We can put you in touch with these and other CFP® (Certified Financial Planner®) professionals to talk about how to inspire and teach young people about money matters.
Financial Planners Standards Council (FPSC) is a not-for-profit organization established in 1995 to lead the development of the financial planning profession. FPSC develops and enforces the highest standards in financial planning competency and ethics for individuals who hold the CFP® (CERTIFIED FINANCIAL PLANNER®) in Canada. There are currently about 17,000 CFP professionals in Canada and more than 100,000 individuals who have earned CFP certification in 20 countries around the world. See www.cfp-ca.org for more information.
NOTE TO EDITORS: For further information on FPSC and CFP certification, please visit our online media kit at www.cfp-ca.org/media/media_mediakit.asp.
FOR MEDIA INTERVIEWS AND FURTHER INFORMATION, CONTACT: Heather Mills/ FPSC at 416.593.8587 ext. 235 or hmills@fpsccanada.org;
Eileen Chadnick/Chadnick Communications at 416.631.7437 or eileen@chadnick.com.
FPSC RESOURCES FOR YOUTH
Learning Centre:
The Internet contains a wealth of knowledge on financial planning. FPSC's Learning Centre has a section on Financial Planning for Youth.
Focus on Your Finances - A Financial Planning Tool Kit for Canadians Aged 15-25:
This resource will take you through the basics of developing and implementing a financial plan. It will explain why financial planning is relevant to you now and how to make your money really work for you.
Plan Your Path- Financial Planning Activity Guide for Youth Leaders:
Created to help youth leaders introduce some basic financial planning concepts, Plan Your Path encourages young Canadians to learn about the importance of financial planning in their lives today and tomorrow, and to adopt skills that can help them achieve their goals.
"Ask an Expert"- E-mail Your Questions About Youth & Money:
Have a question about budgeting or saving? Or anything about money in general? Submit your questions and receive an answer from a Certified Financial Planner professional.
Joseph Balsamo has been in the financial services industry since 1998. He is currently an Investment Advisor in Thornhill (York region). Joseph is a 1998 University of Toronto graduate with an Hons. BA. He became a CFP professional in 2002. He was a contributor to FPSC's Focus On Your Finances and participates in career fairs with FPSC. Joseph is married with 2 children and lives in Richmond Hill, ON.
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