Financial literacy is an essential life skill. The more confident and knowledgeable your child is about managing money, the better decisions he or she will make later in life. There are a variety of resources available online and in print to help you teach your child about money and finance.

Resources for parents

Teaching Children about Money - Money concepts for different ages, including allowances, spending, credit cards and cellphones (from the Financial Consumer Agency of Canada).

The Financial Guide - Free workbooks with games and exercises (from the Office of the Superintendent of Bankruptcy, Canada). Order hard copies.

Youth accounts

Kids learn by doing. One of the best ways for your children to develop money management skills is to open and manage an account of their own to save, budget and learn the value of money. Several banks offer special no-fee accounts for children. Click these links or visit your local branch to learn more.

• BMO Bank of Montreal Plus Plan for Youth and Young Adults
• Canadian Western Bank Youth Account
• CIBC Advantage® for Youth
• Laurentian Bank – The Operations Account for Youth
• National Bank – First Step (ages 6 and under), Cool Cash (age 7 to 12), I.D. (age 13 to 17)
• Scotiabank – Getting There Savings Program®; for Youth
• RBC Leo's Young Savers Account
• TD Canada Trust Youth Account

Saving for your children's education

Learn more about registered education savings plans and other tools to help you save for your children's future.

Visit www.canlearn.ca for information about RESPs and student loans, calculators and free publications.

Click these links to download or order by calling 1-800-622-6232.

• RESPs – Special Savings Plans for Education
• Canada Education Savings Grant
• Canada Learning Bond