We all want our kids to be safe, happy, healthy and successful. One critical way to help them have a great future is to teach them about finances and how to take care of their money and savings. Here are three lessons experts recommend sharing with your kids.
Protect your information
Bank accounts and credit cards are vulnerable to hacking and identity theft, especially in our digital age. In fact, every year, thousands of Canadians lose millions of dollars to fraudsters. Teach your children to never provide their personal or financial information over the phone, via text message, email or the internet when someone asks for it unsolicited.
Shop online securely
Depending on their age, your child may already be doing some shopping online, even if it’s just buying a new character or setting in an app or video game. Educate them on the importance of using a secure connection – like their home Wi-Fi or cellphone data – as well as setting strong passwords and checking with a trusted adult to make sure it’s safe.
Trust your instincts
Part of understanding the value of money is being able to spot a great deal. But shocking offers, unbelievable discounts and unreal rates may signal that the offer isn’t quite what it seems. Ridiculously low prices usually equal cheap products or counterfeit goods. Free offers may require providing your credit card for shipping. Small tactics like these can lead to big profits for scammers, so it pays to trust your instincts – anything that sounds too good to be true usually is. (NC)
Find more information at www.competitionbureau.gc.ca/fraud.