A family approach to lifelong financial learning

For children and teens, every purchase they make offers a teaching moment. As they mature, lessons can deepen to credit cards, student loans, budgeting apps and the basics of investing.

Most Canadians agree financial education should start young. In fact, 88% believe financial literacy should be taught in schools.^¹ Many families are stepping up to fill that gap at home, and advisors can help by offering tools, language and support tailored to each age and stage.

Consider using an RESP (Registered Education Savings Plan) as a hands-on learning tool. You can explain contributions, government grants and the growth potential. Being part of these decisions builds long-term confidence and financial fluency.

Advisors play a unique role in helping families have financial conversations that might otherwise be difficult to start. They can bring clarity, structure and a neutral perspective to discussions that span generations.

Structured family meetings

Advisors can host sessions with parents and adult children to talk through key decisions and plans.

Topics like wealth transfer, gifting or long-term care planning can benefit from an outside perspective that keeps the conversation constructive.

Ongoing education

Advisors can share insights and tools tailored to each generation’s needs, from budgeting support to retirement income planning.

Many families hesitate to have these conversations. When it comes to estate planning, for example, 39% of Canadians say they’re uncomfortable discussing inheritance with family members.^² With an advisor guiding the discussion, it can be easier to ask questions and find alignment. And among those who have talked with their family, 95% felt comfortable with how the conversation went.^² That’s a strong reason to start the conversation.

Aging brings new financial considerations, such as health care costs, updating legal documents or preparing for lifestyle changes.

These transitions can affect the whole family. Bringing an advisor into the conversation can help ensure everyone understands the plan and that it still reflects your goals and circumstances.

You don’t have to wait for a crisis or big event. A simple prompt like, “We’ve been reviewing our long-term plans. Would you be open to a conversation with our advisor so we’re all aligned?” can go a long way.

Continuity and confidence

Families who talk openly about money may feel more prepared for life’s transitions.

Tax-smart decision-making

Engaging advisors early can help families take advantage of strategies like gifting, trusts or insurance, while avoiding unintended tax burdens.

Shared understanding

Teaching adult children about your investment philosophy or learning from a parent’s approach can help create a more unified financial vision.

Financial literacy in action

Nearly half of Canadians say they’re already providing financial education to their heirs or plan to do so.^² Advisors can amplify that effort.

Money is personal, but there are also benefits to navigating it together. Whether you’re supporting loved ones or receiving their support, financial advice can help ensure everyone is informed, confident and working toward a shared future.

Connect with your advisor to explore how you can bring your family into the conversation at any stage in life.