Helping Youth Develop Financial “Rizz” in “the Game”: Key Questions to Ask Your Kids About Money (Gen-Z edition)

Oct 9

Teaching financial literacy is one of the most crucial skills parents can impart to their children. In a world where social media influencers shape young minds, it’s vital to have honest conversations about money and instill smart financial habits. This is especially important for families aiming to provide stability and fund their children’s future education.

For those unfamiliar with Gen Z slang, “rizz” means charisma, and “The Game” refers to the “game of life”.

To counter the loud voices of social influencers, start with these important questions to spark meaningful discussions. We also share insights from Theo, a 12-year-old Grade 8 student.

Understanding Youth Perception of Money

With the growing trend of young people wanting to become influencers, many kids are captivated by the lifestyle they see online—luxury vacations, high-end fashion, and cutting-edge tech. What they don’t always realize is the hidden cost behind that lifestyle and how unrealistic it can be for the average teen.

When we asked Theo what he wants to do when he’s older, his first response wasn’t “I want to be an influencer” but something more practical: “I’m going to save up until I’m sixteen. Because once I’m sixteen, I [want to] have a car.”

Theo’s answer reflects a mindset we’d like to see more of—a long-term goal rather than instant gratification. As parents, it’s our responsibility to guide our children in differentiating between the glamour of social media and real financial decisions. Watch our interview with Theo on Instagram.

Important Questions to Ask Your Kids About Money

1. What are your money goals?

Talking about goals is a great way to start. Theo shared that he wants to save for a car, which shows he’s thinking ahead. Encourage your child to set their own financial goals—whether it’s saving for a gadget, a trip, or even their future education.

2. Do you know how to budget?

Teaching kids to budget is crucial. When asked how he keeps track of his spending, Theo said, “Usually, I am tracking if I have enough money by checking my balance and then seeing if I can afford it.” He’s already aware of the importance of staying within his means, which is a good start.

However, for younger children without a bank account or phone app to track expenses, a way to budget is to understand the cost of something they are saving for and figuring out how much of their allowance, or gifted money they need to set aside. This will help them understand the value of their hard-earned dollars.

3. Why is saving important?

This is a key question for teaching delayed gratification. Theo said, “I think it’s good to put some cash aside for if you really need it.” Explain to your child that saving is about being prepared for unexpected expenses or future needs.

Encouraging them to "pay themselves first"— setting aside a portion of any income for savings — can help build good habits early on.

4. What do you know about credit and debt?

It’s never too early to start talking about credit. While Theo knows that credit cards involve borrowing money and paying it back with interest, he’s still learning about the risks of not paying off the balance in full. Helping kids understand how debt works, and the potential pitfalls, will prepare them for when they’re older.

5. How do you decide what to spend money on?

Theo’s method for deciding what’s worth buying is thoughtful: “I see if it’s something I’m going to use for a long time or if it’s something I’m just going to use once and then leave in my closet.” Teaching kids to weigh the value of their purchases against their long-term usefulness is a critical skill for avoiding impulse buying.

Tips for Youth Financial Literacy

Based on these conversations and the advice from Money and Youth by Gary Rabbior, here are some practical tips to help your kids manage their money wisely:

Set Clear Financial Goals: Whether it's for college, a car, or a trip, having a goal helps kids stay motivated.
Create a Budget: Track where they get their money from and how much they save vs. where and how much they spend their money on helps kids see where their money is going and where they can save.
Pay Yourself First: Make saving a priority by setting aside a portion of income before spending.
Avoid Impulse Purchases: Teach kids to wait a day or two before buying something to reduce the likelihood of regret.
Use Discounts and Coupons: Encourage your children to make their money go further by taking advantage of deals and promotions.

Preparing for Their Financial Future

Talking to your kids about money now can have a lasting impact on their future. Whether they’re saving for something small or thinking ahead to larger goals like their own phone, a new car, or in an ideal world for us parents, saving for post-secondary education. Understanding the basics of budgeting, saving, and credit will set them on the path to financial success.

At Chimuk Landry Private Wealth Management, we believe in a holistic approach to financial planning—one that spans generations. Helping families prepare their children for the future is a key part of that mission.