Yes, it’s time for that conversation!

It all starts with good parenting. That may be cliché, but it’s true. If you want to raise money-smart kids, you must have tough conversations as early as possible.

For this year’s Talk with Our Kids about Money Day, CPA Canada launched new #TalkToMe videos. In them, industry leaders hold financial literacy conversations with their children. The series is highlighted by a blog post titled “Want Your Kids to Be Money-Smart? You’re Their Best Teachers” in the Huffington Post.

In the first video in the series, Jane Rooney, Canada’s financial literacy leader, sits down with her son to talk shop about being financially literate. Rooney’s number-one financial rule, which she recommends her son carry though life, is budgeting.

“People who have a budget are less stressed and they’re more confident when they manage their money,” Rooney says. “We also know that of people who have budgets, 93 per cent stick with their budget almost all the time.”

Rooney then hones in on the importance of starting these conversations as early as possible to develop sound financial habits that will remain with children throughout their adult lives.

An open dialogue helps establish the foundation for financial literacy success. Tamar Satov, a financial literacy blogger and editor at CPA Magazine, has a heart-to-heart talk with her 10-year-old son Adam. They discuss the importance of distinguishing between needs and wants. Satov asks her son whether certain things — a roof over your head, an iPhone, food on the table or a video game — are a want or a need.

Satov believes that if parents start talking to their kids about money at an early age and kids start thinking about what’s a need and what’s a want, then “they’ll have lots of time to practice and think about that. It’ll become second nature.”

Both moms have the same goal: a money-smart Canada.