The Financial Guide
For Children: Nine- to twelve-year-olds

Table of contents

• Introduction
  
  
• Consuming goods and services
  
  
  • Goods versus services
  • Definition of a consumer
  • Deciding which goods and services are best for your child and your family
  • The evolution of goods and services
  
  
• The consequences of using goods and services
  
  
  • Goods and services are limited
  • Personal consumption and its consequences for others
  • Responsibility
  
  
• Needs versus wants
  
  
  • The concept of needs
  • Wishing versus needing
  • Recognizing a wish masquerading as a need
  
  
• Advertisements
  
  
  • The role of advertisements
  • Differences between information and incentives in advertisements
  
  
• Income and expenses
  
  
  • What are income and expenses?
  • The price of luxury
  
  
• Automatic teller machines
  
  
• Who is on your money?
  
  
  • The Five Dollar Bill
  • The Ten Dollar Bill
  • The Twenty Dollar Bill
  • The Fifty Dollar Bill
  • The Hundred Dollar Bill

Contributors

Julie Barrette
Vivian Cousineau
Catherine Dupont
Geneviève Lavigne
Patrick Veilleux
Patrick Wolfe

Graphic Design

Roger Langlois

Cover page illustration

Mathieu Hains
Stéphane Perrault

Editing/Translation

Manon Brunet
Anny Robert

About the OSB

The Office of the Superintendent of Bankruptcy (OSB) is the Government of Canada agency responsible for overseeing the Bankruptcy and Insolvency Act (BIA), and ensuring that the act is responsive to market needs. The OSB keeps a public record of all bankruptcies, proposals and receiverships. It sets standards and guidelines for bankruptcy trustees and ensures compliance.

Bankruptcy trustees work with individuals and companies who are faced with insurmountable debt. There are two basic options for debtors. A proposal may be filed with creditors to set up a repayment schedule. Or if this isn't possible, an application is made for bankruptcy protection under the BIA. In the case of a bankruptcy, the trustee sells a debtor's assets to pay creditors.

About Debtor Education

Over the past 25 years, we have witnessed an explosion in the amount of credit offered to Canadian consumers. This growth in the use of credit has been accompanied by a sharp increase in consumer use of insolvency procedures. Several studies have demonstrated that many consumers have a poor understanding of credit and the harmful consequences of excessive debt. That's why the OSB is dedicated to teaching consumers of all ages about the importance of financial planning, the appropriate use of credit, and ways to avoid or emerge from excessive debt. For more information about dealing with debt, visit: www.osb-bsf.ic.gc.ca

About This Guide

This guide was developed by Laval University Consumer Studies students and University of Ottawa Civil Law students, all of whom are involved in the OSB Student Program. The guide provides advice and activities that we believe will help parents to teach their nine- to twelve-year-olds about financial matters. The advice and activities are only suggestions. If you don't agree with a proposed element or suggested activity, feel free to disregard it.

Children learn at their own pace, depending on their abilities and often on their interests as well. Some kids love math, while others are much more interested in animals. Some even demonstrate extraordinary talent in visual arts. Try to integrate their interests into any proposed activity.

Because you know your child best, you can decide what material in this booklet is most appropriate. In order to help you with that, the middle section offers pages of activities requiring cutting and drawing.

The fact that you are reading this booklet shows that you want your child to learn more about financial matters. Discover how to take advantage of opportunities to put this material into practice: a family trip; a rainy afternoon; right before bedtime, etc. Be sure to add your own advice and activity suggestions, and most of all, have fun!

In this series: 

The Financial Education Cartoon Strips IC 54272B
The Financial Guide for Five- and Six-Year-Olds IC 54397E
The Financial Guide for Seven- and Eight-Year-Olds IC 54398E
The Financial Guide for Thirteen- to Fifteen-Year-Olds IC 54400E
The Financial Guide for Post-secondary Students IC 54273E
The "Decisions" Educational Game (eight- to eleven-year-olds)

If you would like to receive any of these publications, or would like additional copies of this booklet, please contact the OSB Corporate Secretary at the following coordinates:

Vivian Cousineau
OSB Corporate Secretary
365 Laurier Ave West, 8th Floor
Ottawa, Ontario
K1A 0C8
(613) 941-2694
Fax (613) 946-9205
e-mail: cousineau.vivian@ic.gc.ca