Money lessons: How to help your kids get ahead with Robin Taub

Do you remember when and how you learned about money? From budgeting and saving to applying for credit cards or taking out a loan, building an early foundation of financial literacy is a key strategy to ensuring long-term financial success. That makes it all the more important for parents to grant their children a measure of money-savviness and financial know-how as soon as they can. In a world where financial literacy is more vital than ever before, this episode of Smart Advice goes deep into teaching kids about money at any age and stage with the help of Robin Taub, author of The Wisest Investment: Teaching Your Kids to be Responsible, Independent and Money-Smart for Life. Whether you’re a parent eager to guide your children toward financial independence or an educator looking for insights on financial literacy, this discussion offers invaluable strategies to help shape financially responsible and confident young adults. Here are three reasons you should listen to this episode: Discover practical tips for teaching financial literacy to children at any age. Learn about Robin Taub’s five pillars of money management Gain insights on how to be a financial role model for the next generation. Resources Teach your kids about money using articles and resources from CIBC’s Ambitions Toolkit Pick up a copy of The Wisest Investment! Episode Highlights [01:49] Robin Taub's Background and Motivation Robin Taub, a CPA and mom, shares her journey from number-cruncher to financial educator. Her book was born out of a passion for helping parents feel confident in teaching their kids about money. Robin noticed that many parents feel out of their depth when it comes to money talks with their kids. She crafted the book as a go-to guide for raising financially savvy and responsible kids. [03:29] When and How to Start Teaching Kids About Money Robin suggests kicking off money lessons as early as five, turning everyday errands into learning adventures. Simple activities like grocery shopping can become fun ways to introduce basic money concepts. Starting early gives kids a head start on building smart money habits that will last a lifetime. [06:38] The Five Pillars of Money Management and Parents as Role Models Robin breaks down money management into five key pillars. [06:53] Robin: “So depending on the age that your child is, you're going to find these different types of teachable moments, but they are all going to come under what I call the five pillars of money, and those are earn, save, spend, share and invest.” These pillars grow with your child, adapting as they move from piggy banks to real-world finances. Parents are encouraged to level up their own financial knowledge to lead by example and teach with confidence. [08:48] Robin: “It’s hard if you don't feel like you're particularly good with money yourself to feel like you can teach your children, but I try to encourage parents to learn along with their kids.” Being a role model isn’t just important—it’s the secret sauce to raising money-smart kids. [11:58] Financial Literacy in Schools and Guidance for Young Adults Ontario high schools are stepping up with a new financial literacy test, and Robin is all for it. [12:51] Robin: “Kids need to learn this stuff wherever they can. I mean, who you know? Going back to the original — if you're not teaching your kids about money, who is?” While schools are laying the groundwork, parents play a crucial role in reinforcing these lessons at home. As kids grow into young adults, they’ll need guidance on navigating credit, saving for college, and dipping their toes into investing. [18:22] Financial Literacy: A Two-Way Street We have to remember too that children don’t have our level of financial education. [19:12] Robin: “Sometimes the things that we take for granted that we know at this point, kids don't know.” However, financial education isn’t just top-down; parents can pick up new tricks from their tech-savvy kids. Some kids today are clued into th