40+ Teachable Moments to Prepare the Next Generation for Financial Wellbeing
FPSC shares research on parental influence
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 11/05/12 -- Seventy two per cent of Canadian adults in a recent study(i) commissioned by acknowledged that today's generation of young adults face more financial challenges when starting out on their own than past generations did. And while the majority of respondents (86%) say schools should play a role in teaching money management skills and as early as elementary school (81%) -- there is also significant widespread recognition for the role parents play in teaching their children good financial skills and values that will stead them well for life.
As part of the Financial Literacy Month and activities, FPSC is sharing its research to highlight the importance of the parental role in teaching young people financial literacy skills and values. Additionally, from the community of CFP professionals who work with more than 3 million Canadians.
"Parental influence is crucial when it comes to teaching young people the financial skills and values that will stead them for life-long financial wellbeing" says Tamara Smith, Vice President of Marketing and Consumer Affairs, FPSC.
"Faced with greater post-education costs, mounting debt, a challenging employment landscape and many other factors, young people need solid personal finance skills to help navigate their futures," says Smith.
Survey Highlights:
Parental influences growing up: Respondents were asked to indicate their agreement level with various statements related to the influence their parents had on them in teaching them good financial habits.
Stark Differences between those who engage in financial planning and those who do not: Notably, the research revealed that those who currently engage in comprehensive financial planning were significantly more likely to report having had positive parental influence in their childhood than respondents who do no planning. The difference between the two groups varied from 10-19%.
"Parental influences early on in life make a tremendous difference. The research is clear: those who are proactively managing their personal finances by engaging in comprehensive financial planning with a professional planner were substantively more likely to report having had early influences in life through parental teaching," says Smith.
Are they teaching their children good habits? Again - those who currently engage in financial planning are far more likely to involve their children in activities that teach them financial skills.
Lessons Reinforced:
"The research affirms that we must never under-estimate the power of parental influence when it comes to teaching young people good financial habits. Those who are exposed to early life lessons tend to stead better with good personal finance habits throughout their life," says Smith.
It's About Time: In keeping with the theme of FPSC's public awareness campaign for (It's About Time), the Council urges Canadians to seize every opportunity to teach children good habits throughout the continuum of their childhood.
"Don't wait until kids are at the age to fly the coupe. Every day can be a teachable moment and at any age," says Smith.
Teachable Moments - CFP professionals offer insight:
CFP professionals work with more than 3 million Canadians helping them bring more financial planning into their lives. Many work with families and/or encourage their clients to make financial planning a family affair. FPSC asked CFP professionals in an online survey to offer ideas for teachable moments for various stages in a child's life.
NOTES TO EDITORS:
(i) About this Research: Conducted by The Strategic Counsel, the research surveyed the general English-speaking population in Canada (excluding Quebec) between September 10 - 18, 2012. There were 2,240 respondents who were recruited from a longitudinal panel of Canadians who participated in a study on the value of financial panel.
were sought from CFP professionals across Canada via a separate online survey.
Interviews: FPSC executives and CFP professionals are available for media interviews to the importance of parental influence and teachable moments.
Other Financial Planning Week Activities:
FPSC has also shared research on "".
: CFP professionals across Canada will host events to educate Canadians and inspire them to take action.
And more -- see for updates.
About Financial Planning Week
Now in its fourth year, (FPSC®) and the (IQPF) have jointly declared November 19-25, 2012 as Canada's Financial Planning Week (FPW). During the Week, each organization will be spearheading industry events and public outreach activities in their respective markets. Financial Planning Week is part of an ongoing effort by both organizations to make financial planning a cornerstone of Canadians' sound financial management. This year, Financial Planning Week is a dedicated week within . Stay up-to-date at , Twitter , and on and .
About Financial Planning Standards Council
Financial Planning Standards Council (FPSC®) is a not-for-profit organization which develops, promotes and enforces professional standards in financial planning through Certified Financial Planner® certification, and raises Canadians' awareness of the importance of financial planning. FPSC's vision is to see Canadians improve their lives by engaging in financial planning. Currently, there are more than 17,500 CFP professionals in Canada and more than 140,000 CFP certificants in 24 countries worldwide. See for more information.
Contacts:
To arrange media interviews or for further information:
Chadnick Communications (for FPSC)
Eileen Chadnick
416.631.7437
FPSC
Jay Cameron
416.593.8587 x307
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Datum: 05.11.2012 - 13:00 Uhr
Sprache: Deutsch
News-ID 199390
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TORONTO, ONTARIO
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Personal Finance
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