Money Talks: Pro Tips On Staying Financially Confident In A Social Media-Driven World

In an era where social media fuels the pressure to splurge on lifestyle trends—from influencer drops to tempting instant-win offers like “casino $150 no deposit bonus codes“—Leen Li, chair of the Wealthsimple Foundation board, is helping Gen Z tackle tough money conversations. In this Q&A, Leen shares practical advice on setting boundaries, resisting splurges, and staying financially grounded amidst peer pressure. —Vita Daily

Why do you think so many Canadians still feel uncomfortable talking about money, even with family? What cultural or psychological factors might be at play?

This is a great question and something we run into all the time during our community outreach sessions with parents and youth. Money is emotional and money is personal. Talking about it with others puts ourselves in a vulnerable and uncomfortable position.  Money can be associated with status or security, and discussing it might evoke feelings of shame or inadequacy, especially if someone has struggled financially.  That results in what I would call a Negative Money Mindset, which leads us to have self-limiting beliefs about our current and future potential relationship with our finances. 

Culturally, it’s also common to view money as a private or even taboo topic, leading to a lack of open dialogue within families. 

Modern financial literacy is just being incorporated into Canadian curriculums in many provinces, and historically many adults and parents weren’t given education, tools or resources – these were reserved for the very wealthy. Some people may feel unprepared or embarrassed about their lack of knowledge, making it even harder to broach the subject with loved ones. This is a big reason why Wealthsimple Foundation has been focusing on breaking down the barriers to financial education and making it easy and simple to talk about money.

How can families start having healthy, constructive money conversations at home? Do you have any simple tips for parents to open up about finances with their kids?

Starting with small, age-appropriate discussions can make the topic of money feel more approachable. For example, parents might start by involving kids in grocery shopping and explaining budgeting choices or talking openly about saving for their future, like education. Playing with tools and calculators, like our RESP calculator, can help illustrate financial concepts like savings, investing and growth potential.

Setting a positive tone around money discussions, rather than framing them as stressful or shameful, is also key. Using language kids can understand and keeping things transparent (within reason) helps children feel included, curious, and empowered to learn about finances.

This fall we released a series called the Money Master Class that was created for youth. It tackles topics like money mindsets, budgeting and credit in a very basic introductory way that meets young people where they are at. This is a great resource for parents to review and to share with their kids to get them thinking about money. 

For many, taxes and budgeting feel intimidating or overwhelming. What are some practical, beginner-friendly steps people can take to feel more confident about managing these topics?

Money can be a scary thing, but oftentimes taking the time to review the basics will help you feel so much better equipped to handle your finances. Breaking down finances into small, manageable, and fun steps can be very helpful. For budgeting, start with the basics: track monthly expenses, categorize spending, and look for small areas to save. Apps and online tools can make this easier by automating tracking.

When it comes to taxes, using software like Wealthsimple Tax can save you time, money and help you learn how the tax system works so you can feel empowered to take on your own filing. Reviewing available credits, such as the Canada Learning Bond, can help people understand how the tax system supports different needs. Seeking guidance from free workshops or resources—like those we offer —can be empowering and build confidence over time.

In what ways can parents help their children build good credit and financial habits early on, and why is this so important for their future success?

Building good credit and healthy financial habits from a young age can set kids up for better opportunities in the future, like qualifying for loans or achieving financial independence sooner. There are also a few ways you can help your kids to build their credit early, like co-signing a cell phone or utilities account in their name, or co-signing on a secured credit card when they come of age. This can help them get started earlier but keep safeguards, and oversight on their spending.

Parents can start by teaching kids the importance of saving a portion of their allowance, understanding needs vs. wants, and, as they get older, investing and the power of compound interests. Encouraging part-time work or saving for specific goals can help them grasp the value of earning and managing money. Simple habits learned young create a foundation for responsible financial choices as adults.

What role does Wealthsimple Foundation play in helping Canadian families and youth become more financially literate, and how do initiatives like the Canada Learning Bond contribute to this mission

At Wealthsimple Foundation we’re committed to making financial literacy simple, accessible and inclusive, particularly for youth and families from modest-income backgrounds who often get left behind when it comes to programs and services that meet their needs. We aim to centre their needs, experiences and realities in the resources and content we create and the partnerships we support with community organizations and schools. We’ve learned that it’s easier to lean into learning when the people delivering the workshops look and sound like you and make the effort to come to the communities, or the digital spaces, that you occupy.

Government programs, like the Canada Learning Bond, support this work. Not only does the Canada Learning Bond help current and future students access free grants for school ($500 – $2,000 per child) but it also offers a springboard for youth to get excited about their future education, and to participate in financial conversations and planning. Financial literacy isn’t just about managing money; it’s about providing everyone with the confidence and tools to make choices that lead to brighter futures.