For as long as he remembers, Aidan DB次元官网网址橲ouza says his mother has helped him ensure that heB次元官网网址檚 making smart money decisions.

At roughly 10 years old, DB次元官网网址橲ouza said his mother advised him not to spend all his money on candy and frivolous gadgets.

When he started working part-time jobs, DB次元官网网址橲ouzaB次元官网网址檚 mother recommended that he save some of his hard-earned money for his long-term goals and an emergency fund.

Today, the 23-year-old said his mother still guides him financially. She helped him set up mutual funds and taught him about compound interest, which accelerates the growth of oneB次元官网网址檚 savings and investments over time.

B次元官网网址淢y mom has always helped me make sure my money was going to the right places,B次元官网网址� said DB次元官网网址橲ouza, who resides in Toronto.

B次元官网网址淪he always wanted to make sure that I was set for life.B次元官网网址�

While DB次元官网网址橲ouza credits his mother for the financially secure position heB次元官网网址檚 in, he acknowledged that not all Canadians have parental figures who are financially literate or know how to best guide their children to make wise financial decisions.

In any case, experts say itB次元官网网址檚 never too late to learn financial literacy. And on the flip side, they say itB次元官网网址檚 never too early to begin teaching your children financial literacy.

B次元官网网址淛ust donB次元官网网址檛 be afraid of (money). I think a lot of times people are afraid of it,B次元官网网址� said Anna Smith, head of marketing at CapIntel, a business-to-business financial technology company.

B次元官网网址淔inancial illiteracy is when people donB次元官网网址檛 talk about it and donB次元官网网址檛 learn about it.B次元官网网址�

Growing up, Smith said her parents didnB次元官网网址檛 teach her much about money, which made her feel uncomfortable and insecure when she started to manage her own. As a young adult, she said she got multiple credit cards, maxed them out and got into B次元官网网址渞eally bad debt.B次元官网网址�

It was only when she started doing research on how to climb out of debt that Smith said she really learned the importance of financial literacy.

B次元官网网址淚 was so scared of it and to face it head on before,B次元官网网址� she said.

Now, Smith said sheB次元官网网址檚 doing her best to instil financial literacy and confidence in her daughter at a young age in order to set her up for financial success, which she strongly advises other parents to do as well.

She noted that telling your children about your financial mistakes is as important as telling them about your financial successes.

B次元官网网址淢oney isnB次元官网网址檛 really talked about in the sense of how to grow money and savings and investing and interest, and so I believe that itB次元官网网址檚 super important for parents to teach their kids in order (for them) to be confident with finances,B次元官网网址� said Smith.

With her two-year-old daughter, Smith goes grocery shopping with cash to show her how much theyB次元官网网址檙e physically spending in a single grocery run. This, she said, can be a good first step to getting children familiarized with money and spending power.

Smith also opened up a savings account for her daughter and takes her to the bank to deposit money whenever she receives monetary gifts to introduce her young one to the world of banking, she added.

B次元官网网址淓specially from (the age) of one to four, they say you imprint a child and they look at what youB次元官网网址檙e doing and they kind of mimic that for the rest of their lives, and so I just think that itB次元官网网址檚 super important just to show them, whether they understand the concept or not,B次元官网网址� said Smith.

Books are another way that Smith recommends people to introduce their children B次元官网网址� or themselves B次元官网网址� to personal finance. For example, she has a copy of B次元官网网址淭he Richest Man in BabylonB次元官网网址� by George S. Clason, which she plans to pass down to her daughter once sheB次元官网网址檚 able to read and understand its concepts.

At BlueShore Financial, financial adviser Nico Wong said they offer a program for young children, whereby they give them a piggy bank with three sections B次元官网网址� one for spending, one for saving and one for sharing, the latter being for money they can donate to charitable causes.

The concept is one that Wong suggests parents adopt at home, by purchasing a piggy bank or jar from their local dollar store, to create a similar system for their children when it comes to saving, spending and sharing so that they can learn the basics of money management.

As for adults who were taught little to no financial literacy growing up, Wong said they would benefit greatly from speaking to financial advisers or bankers and stressed that B次元官网网址渁ny time is a great timeB次元官网网址� to seek financial advice.

If they have children, he said they can then take home that same advice and knowledge and share it with them.

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