220. What money lessons should every child learn before leaving home?

Schools teach algebra, chemistry, and history, but many children graduate without knowing how to earn, manage, save, or spend money wisely. That leaves one important question: who is teaching the financial skills they'll rely on for the rest of their lives?

In this episode of Parents of the Year, Andrew and Dr. Caroline sit down with financial educator Vince Shorb, founder of the National Financial Educators Council, to explore simple ways families can build financial confidence at home.

This conversation is packed with practical ideas that fit naturally into everyday family life.

You'll learn why financial literacy doesn't require complicated investing lessons, how small daily conversations create lasting habits, and why involving children in real financial decisions can prepare them for adulthood long before they leave home.

Whether your child is five or preparing for university, this episode offers realistic strategies that help children develop confidence, responsibility, and important skills that will set them up for future success.

In this episode you'll learn:

• Why financial literacy begins long before a first job
• Simple ways to teach earning, saving and spending
• How chores can become valuable life lessons
• Why everyday shopping trips create teachable moments
• Helping teens prepare for cars, university and credit
• Career exploration before choosing post-secondary education
• How parents can teach money skills, even if they weren't taught themselves

About Vince Shorb

Vince Shorb is one of the country’s leading advocates for promoting financial literacy and a thought leader in teaching and scaling financial education programming. After spending 15 years in financial services working one-on-one with more than 20,000 people, he founded the National Financial Educators Council (NFEC) – an organization dedicated to combating the financial illiteracy epidemic. Shorb has led the NFEC in the development of 2,500 financial literacy programs and more than 80 financial literacy assets. He has been featured in publications on USA Today, CNBC, Yahoo Finance, Forbes, CNN Money, MarketWatch, Fox Business, Huffington Post, NASDAQ, and Business Insider. 

Connect with Vince:  

Website:
National Financial Educators Council

https://financialeducatorscouncil.org

LinkedIn: 

https://www.linkedin.com/in/vinceshorb/ 

Homework Activities

This episode encourages families to move beyond talking about money only when there's a purchase to make. These simple activities help children build confidence through real experiences rather than lectures.

1. Hold a Monthly Family Money Meeting

Choose one day each month to sit together for 20–30 minutes.

Discuss:

• What everyone is saving for
• What goals were reached this month
• One financial lesson learned
• One goal for next month

Keep the conversation positive and focused on learning, not judgement.

2. Create a Family Chore Economy

Instead of assigning chores without discussion, involve children in deciding how they can contribute to the household.

Together:

• List household jobs.
• Let children choose responsibilities that interest them.
• Attach a reasonable financial reward.
• "Pay" them monthly.
• Divide earnings into categories like:
  • Saving
  • Spending
  • Giving
  • Future Goals

3. Practise Opportunity Cost While Shopping

At the grocery store, ask questions like:

• Which cereal gives us better value?
• Is the larger package actually cheaper?
• Do we need this today?
• If we buy this, what are we giving up?

The goal isn't saving every dollar.

It's helping children begin weighing choices.

4. Compare Household Bills

Choose one utility bill each month.

Challenge the family to reduce usage over the next month.

Examples:

• Electricity
• Water
• Natural gas

If everyone meets the goal, use part of the savings for a family activity.

Examples:

• Bowling
• Ice cream
• Mini golf
• Movie night

5. Research a Future Purchase

Before buying something significant, have your child investigate the full cost.

Ideas include:

• First vehicle
• Laptop
• Phone
• Sports equipment

Ask them to calculate:

• Purchase price
• Insurance
• Maintenance
• Fuel or charging costs
• Accessories
• Repairs
• Ongoing m