The ninth annual Talk With Our Kids About Money Day (TWOKAM Day) – supported by Scotiabank – showcases the importance of having 'money talks' with kids, particularly during the financial and mental stresses brought on by COVID-19
TORONTO, April 14, 2021 /CNW/ - Talking with kids about money to improve financial literacy is increasingly important, not only for Canada's young people, but also for the future financial health of individuals, families, communities and the country and today is Talk With Your Kids About Money Day.
A recent report from the Centre for Addiction and Mental Health (CAMH) shows that 80 per cent of Canadians indicate the pandemic has had a negative impact on their mental health and that the most prevalent pandemic concern is their finances.
The TWOKAM program helps to engage parents and teachers in talking with youth about money. It can help prepare youth to manage their financial futures and avoid the stresses faced by so many Canadians today. And teachers and parents are listening– and getting involved.
As part of the TWOKAM program, kids from across the country have prepared money fair projects, in schools and at home, and submitted them for their chance to be showcased in a virtual showcase event, being held today from 1 p.m. -2:30 p.m. ET. The showcase features six students or student groups selected from the submissions across Canada. The public is invited to attend by registering here.
The virtual event also includes a special address by Dr. Moira Somers, a financial psychologist, author and subject matter specialist on the linkages between financial health and mental well-being.
TWOKAM is an educational program, created by the Canadian Foundation for Economic Education (CFEE) and supported by Scotiabank. The program started in 2013 as a pilot in Toronto and Montreal area schools and has since expanded to include schools and homes right across Canada as educators, parents and guardians recognized the need to improve the financial capability of young Canadians. Initially, the program designated one day a year, as an easy way to get the talks started and has grown from there. The program now runs all year long, with teachers and parents having access to free and easy to use resources. Talking about money is the first step to improving financial capability– and this is so important for young Canadians to head into their futures with confidence and competence.
To support all those who want to get involved, CFEE has created a comprehensive website – www.talkwithourkidsaboutmoney.com – that provides parents, guardians, teachers and anyone else interested with resources they can easily use to have money talks with kids. TWOKAM is free and available in French and English.
Gary Rabbior, President of the Canadian Foundation for Economic Education (CFEE)
"CFEE is delighted with the growth and impact of our Talk With Our Kids About Money program over the years. The virtual money fair entries this year were eye-openers on the incredible capabilities of young Canadians. We also extend thanks to Dr. Moira Somers who is helping us alert parents and teachers to the important link between financial health and mental health – and how improving financial capability can help our kids build a healthy, happy future."
D'arcy MacDonald, Senior Vice President, Deposits, Investments & Payments at Scotiabank
"Scotiabank's focus on delivering advice extends deeply into the families and communities we serve. By helping young Canadians learn about money from an early age we're also helping them build a solid foundation, to support their future."
Dr. Moira Somers, financial psychologist; consultant to families and financial advisors around the globe on matters relating to money, mental health, and well-being; author of Advice that Sticks: How to Give Financial Advice that People will Follow.
"There's no doubt about it: Money management is a 21st century survival skill. Money and mental health intersect over and over again in life, jointly contributing to such things as relational well-being and family harmony, freedom of choice, access to education and healthcare services, and gender (in-)equality, to name but a few. But preparing our youth for successful adulthood requires that we talk to them about much more than the mathematics of money. I am excited to be joining educators and parents this TWOKAM Day to further explore the money/mental health connection, and how we can best contribute to it."
CFEE is a federally chartered, non-profit, non-partisan, charitable organization, founded in 1974, that works to improve economic and financial literacy and enterprising capability. CFEE works collaboratively with ministries and departments of education along with school boards, schools, educators, and teacher associations. CFEE also engages in activities to support and assist newcomers and past immigrants to Canada, seniors and the general public including print resources, videos, workshops, and online resources. Overall, CFEE aspires to help Canadians of all ages be better prepared to undertake their economic roles, responsibilities, and decisions with confidence and competence.
Scotiabank is a leading bank in the Americas. Guided by our purpose: "for every future", we help our customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of approximately 90,000 employees and assets of approximately $1.2 trillion (as at January 31, 2021), Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit http://www.scotiabank.com and follow us on Twitter @ScotiabankViews.