A Quarter in Your Piggy Bank: Teaching a Child to Manage Money

Elizabeth Levin is a professor of psychology at Laurentian University.

teaching their children about money. The first two chapters deal with
what money is and how children learn about it. Chapters 3 through 7
consider various issues relating to allowances. Should one give an
allowance and, if so, should it be earned are some of the questions
explored. Parents are urged to consult friends and teachers for
recommendations with respect to the size and frequency of the allowance.
In Chapter 8, the author recommends that parents open as many as three
savings accounts for their kids, each with a different purpose.

Budgeting and borrowing are examined in Chapters 9 through 12 (sample
budget forms and loan agreements are provided), while the remaining
three chapters deal with more specialized issues, such as debit cards
and investing. The dangers of debit and credit cards are noted. The
information on Canada Savings Bonds does not include the newest
variations, and the information on mutual funds is sketchy at best. The
concept of education insurance is raised, but there is no mention of the
new Canada Registered Education Savings Plan (RESP) program with its
accompanying government grants. Although the premise that parents have a
responsibility to educate their children to be financially prudent is
sound, this book barely scratches the surface.