Why Financial Advisors Wish Parents Taught Their Kids More About Money. - By Javed S. Khan

From First Paycheque to First Financial Mistake

For many Financial Advisors, this scenario isn’t hypothetical, it’s something they see play out time and again. And while they’re ready to help clients course-correct, they often wish these money lessons had started years earlier at the kitchen table, long before that first paycheque arrived.

The reality?

Financial literacy isn’t always taught in school, and even when it is, the coverage can be limited. In today’s world of tap payments, instant online shopping, and enticing social media ads, kids are bombarded with opportunities to spend, but not always with the skills to spend wisely.

Advisors know something powerful: when kids grow up learning how money works, how to earn it, save it, spend it thoughtfully, and even invest it, they’re not just financially better off, they’re more confident, less stressed, and better prepared for life’s big decisions.

Why Financial Advisors Care So Much About Early Money Lessons.

Behind every spreadsheet are real lives, filled with excitement when goals are met, anxiety when bills pile up, and regret when opportunities are missed.

And a surprising number of these emotional highs and lows can be traced back to the absence (or presence) of financial lessons in childhood.

When financial literacy is lacking, adulthood can bring:

• Unmanageable debt from early credit card misuse.
• Chronic overspending because of poor budgeting habits.
• Missed opportunities from not understanding investing or compound growth.

On the flip side, adults who were taught the value of money early often:

• Save regularly without thinking about it.
• Spend intentionally, aligning purchases with priorities.
• Have the confidence to make major financial decisions.

The good news?

Unlike some systemic challenges, this one can be addressed at home. Parents remain the single most influential factor in a child’s financial development, more impactful than school programs or online resources. By starting early and making financial literacy a regular part of family life, we can close these gaps before they widen.

🎯 What Advisors Wish Parents Taught Their Kids.

You don’t need to be a Financial Planning professional to teach the basics of money.

What matters most is consistent, everyday exposure to money decisions.

Here’s what Financial Advisors wish every parent covered:

• Saving with Purpose Teach kids that saving isn’t just about deprivation, it’s about choice and freedom. Help them set savings goals that excite them, whether it’s for a bike, a trip, or a new video game.
• The Power of Compound Growth Use simple examples: If you invest $100 and it earns just 5% a year, after 10 years, you’ll have $162, without adding a cent more.
• Needs vs. Wants Even adults struggle here. Show kids the difference by making decisions together: “We need milk. We want ice cream.”
• Budgeting Basics Introduce the “Three Jar Method”: one for spending, one for saving, one for giving. Physical jars make it tangible, especially for younger kids.
• Credit is a Tool, Not Free Money Explain that a credit card isn’t “extra money”, it’s a loan they have to pay back, often with interest.
• Giving Back Teach generosity alongside saving. Encourage donating time or money to causes they care about.

🧠 How to Make Money Lessons Stick.

Knowledge without practice fades fast. Kids may understand the idea of saving, budgeting, or avoiding debt, but if they never get to apply those lessons, they won’t stick. The key is to give them repeated, low-stakes opportunities to use money in ways that build confidence.

Advisors consistently recommend hands-on learning, letting kids experience money management for themselves, not just hear about it.

Here’s how to make it happen:

By making money a normal, open conversation at home, you remove the mystery and reduce any fear or shame around financial topics. Over time, your kids will start to connect financial choices with real-world outcomes, and that’s when the lessons truly take root.

🚧 Overcoming the “I’m Not Good with Money” Barrier.

Some parents hesitate because they don’t feel financially savvy themselves. Maybe they’ve made mistakes in the past, or maybe they’ve never had the chance to really learn the basics. The truth is, that’s not a roadblock, it’s an opening.

Advisors say that when parents learn alongside their children, the process can be surprisingly powerful. It turns the experience into a shared journey rather than a one-way lesson. Not only does this approach help your child develop healthy money habits, but it also gives you the chance to strengthen your own financial skills at the same time.

It’s also a great way to break the cycle of silence around money. Many Canadians grew up in households where finances were considered a private, even taboo, topic. By openly admitting, “I’m still learning this too,” you model curiosity, resilience, and the idea that it’s never too late to improve.

Here are a few ways to make it a joint learning experience:

• Read together: Pick a family-friendly financial book and commit to discussing one chapter each week. Let your child ask questions, and ask your own.
• Watch and learn: Choose a money-related documentary or YouTube series, then talk about the key takeaways over dinner.
• Try new tools together: Download a budgeting app and work through setting it up side-by-side. Compare what you each notice about spending patterns.
• Start a family savings goal: Whether it’s a trip, a big-ticket item, or a special event, track your progress together and discuss ways to reach it faster.

The biggest benefit?

You’re showing your kids that financial literacy isn’t a skill you’re born with, it’s something you build. And when you build it together, you’re creating a culture of learning, accountability, and shared responsibility in your household.

🌊 The Ripple Effect of Raising Money-Savvy Kids

When kids understand money, it impacts more than their bank balance:

• They enter adulthood with confidence, not fear.
• They avoid high-interest debt traps.
• They’re better prepared for milestones like buying a home or starting a business.

From an advisor’s perspective, this isn’t just about preparing the next generation, it’s about creating financially resilient families whose wealth and stability can last for decades.

🚀 Call-to-Action: Start Today

You don’t need to create a complicated curriculum. Start small, but start now.

Quick Action Checklist for Busy Parents

• Introduce the Three Jar System (Spend, Save, Share) – great for all ages.
• Open a no-fee youth savings account – match deposits to encourage saving.
• Talk about needs vs. wants during everyday purchases.
• Involve your child in one budget decision per week – grocery list, family outing, etc.
• Explain how credit works – including interest and repayment.
• Share one money story from your own life each month, good or bad.
• Encourage generosity by letting kids choose a cause to support.
• Set a family savings goal – involve kids in tracking progress.

About the Author

Javed S. Khan is a Senior Marketing Professional with over 20 years of experience in Canada’s investment industry. He built and led a successful marketing services company for 15 years, delivering programs that drove brand awareness, digital growth, and client engagement.

A highly rated professional speaker who has inspired more than 10,000 people, Javed is known for his dynamic, actionable presentations.

He also served for 27 years in the Canadian Armed Forces Reserve (Air Force), gaining leadership and strategic skills that shape his professional approach today.

Today, as Vice President, Advisor Marketing & Practice Management at Optimize Financial Group, one of Canada’s fastest-growing asset management firms, Javed brings those same qualities to supporting the advisor community, guiding them to grow their businesses, deepen client trust, and achieve sustainable success.