Money is still considered by many to be a taboo topic or private matter, which is why many people avoid sparking up conversations about their personal finances with friends, colleagues and even family.

Yet, when it comes to your kids, keeping quiet about money might actually cause more harm than good.

Experts say that parents should start talking to their kids about money from an early age as it will help them develop a healthy relationship with their own finances one day.

B次元官网网址淗andling money is a life skill just like cooking is a life skill,B次元官网网址� said Liz Enriquez, a Hamilton-based personal finance educator at Ambitious Parenting.

Parents shouldnB次元官网网址檛 rely on the education system to teach kids about finances, especially since they may not cover a lot on the topic, she said. Instead, learning should start at home and whatever children discover outside of the household can be considered supplemental.

Parents donB次元官网网址檛 always take this approach, however.

Often, parents will hold back from talking to their kids about money because theyB次元官网网址檙e insecure about their own financial situation. These might be parents who are in debt, donB次元官网网址檛 understand how to invest, or just generally have the mindset that theyB次元官网网址檙e B次元官网网址渂ad with money,B次元官网网址� Enriquez said.

But, even if you donB次元官网网址檛 have a handle on the stock market, talking about how to spend within oneB次元官网网址檚 means, how to save money, and what delayed gratification looks like around money can go a long way, she said.

Bruce Sellery, CEO of Credit Canada Debt Solutions in Toronto, said parents may also stay tight-lipped because they want to shield their children from the constraints they feel about money, especially as finances continue to get tight for a lot of Canadian families amid soaring inflation.

He argues, however, that thereB次元官网网址檚 value in having conversations with your kids in a transparent and age-appropriate way.

B次元官网网址淥ne of the things weB次元官网网址檙e preparing our kids to learn is how to navigate risk. And, if you donB次元官网网址檛 learn how to use money as a tool, as you grow older, youB次元官网网址檙e exposing yourself to real risks.B次元官网网址�

Conversations around money can start as soon as you begin engaging with your kids about any topic, Sellery said.

B次元官网网址淲ith my kid, they were in the grocery store with me from the time they were born and as they developed language, I talked to them about everything,B次元官网网址� Sellery said.

As they walked down the produce aisles together, Sellery said they would scope out fruits and vegetables and discuss how much they cost.

Children become interested in being part of that experience and the lessons can become more vivid and specific as they get older, Sellery said.

B次元官网网址淥ver time, youB次元官网网址檝e got a kid who can look at the unit price on a box of cereal, and that happens when they are maybe five, six or seven depending on their development.B次元官网网址�

When speaking with kids about money, and specifically needs and wants, focus on the facts rather than letting emotions get involved. And, make sure that too much time doesnB次元官网网址檛 pass between these conversations, Sellery said.

B次元官网网址淚f you canB次元官网网址檛 think about the last time that you talked about money, itB次元官网网址檚 been too long. You should be able to recall the last time that you talked about it.B次元官网网址�

Some conversation starters could begin when youB次元官网网址檙e paying bills at the dining room table, he said.

If youB次元官网网址檙e about to pay the credit card bill, for example, highlight how much youB次元官网网址檝e been spending and on what items. This is also an opportunity to explain what happens when these purchases are not repaid on time.

If you have a Registered Education Savings Plans for your childrenB次元官网网址檚 post-secondary education, talk about how that specific savings account works and the value of putting away money for the future.

And, when it comes to the activities your kids enjoy participating in, open up a dialogue by explaining which activities cost money and why certain choices have to be made.

Sellery doesnB次元官网网址檛 believe itB次元官网网址檚 helpful to shield kids from scarcity, and advises that if families donB次元官网网址檛 have actual scarcity, parents create it so that their kids understand there are sometimes limited resources to work with.

B次元官网网址淚 intentionally donB次元官网网址檛 replenish on certain things that they have an interest in so that they donB次元官网网址檛 think that thereB次元官网网址檚 just some magical place where sugar and flour and all the things they like to bake with just automatically shows up,B次元官网网址� he said as an example of creating financial scarcity.

But, while you might want to be frank with kids about money, be careful that youB次元官网网址檙e never guilting them about how much you work or how much you spend on their behalf.

B次元官网网址淭here is a very fine line between making your kids aware of the trade-offs youB次元官网网址檙e making and guilt,B次元官网网址� he said.

For example, guilting might look like saying B次元官网网址淚B次元官网网址檓 working overtime for you and youB次元官网网址檙e not trying hard at ballet.B次元官网网址�

Instead, you might want to say B次元官网网址淟isten, if you donB次元官网网址檛 want to do ballet, thatB次元官网网址檚 fine. We can not pay for that. But, if youB次元官网网址檙e going to do ballet, you need to show up and be ready,B次元官网网址� he said.

B次元官网网址擫eah Golob, The Canadian Press