Talking About Money in Canada

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Many people in Canada are hesitant to talk about money, even with financial professionals. There are complex reasons behind this, ranging from stress to stigma. But there are also many good reasons to start talking about money.

While it may feel uncomfortable or unfamiliar to talk about money, you may find that it comes with some benefits, such as:

If you’re ready to start talking about money, a Scotiabank advisor can provide personalized support with your bankingneeds, from day-to day budgeting to long term financial goals.

Here’s some information that might help when talking about money in key relationships in your life

With your partner
It may help to start with broad topics, such as things you like to spend money on or what you’re currently saving for and why. You can also talk about how you feel about money or how money impacts your life. As trust and comfort increase, you may choose to start talking about things like the amount of debt you have (if any), your credit score, and how much you earn.

With coworkers
In Canada pay transparency laws differ from province to province, and not all provinces and territories have them, which means talking about money with your colleagues can look different depending on where you live.

When it comes to handling conversations about money at work, it’s important to speak respectfully and appropriately. Many people find it more appropriate to talk about compensation policies, local wage and hour laws, pay ranges, and benefits with their colleagues than exact salaries.

With your kids
Talking about money with your children can be fun and educational. There is no ‘right way’ to start, but families often try to be age-appropriate in what they share with children about money.

With younger children, it can be helpful to focus on basic ideas such as what money is and the concepts of earning, spending, and saving. You can talk about prices of items or even give them a budget to spend at a certain store or planning a low-cost family outing, which can provide natural opportunities for your child to ask questions about money. As children become older, you may start to discuss more complex topics, including budgeting, part-time work, and how your family may manage costs of post-secondary education. This can also be a good time to start talking about basic banking with your child.

With friends
In Canada, conversations about money with friends are often informal and practical, rather than about personal income or debt. One helpful tip is to keep conversations optional and judgement-free. This might include sharing your knowledge about a topic without comparing your situation to theirs (or others) or letting them know their feelings are valid.

As a newcomer, the cost of living is a money topic that may come up with friends. If you’re still getting used to costs in Canada, and want to discuss that with the people you meet, it can be helpful to ask broader questions, such as what rent, groceries, or transport typically costs in the area, rather than asking about personal spending details.

Consider Discussing Money with a Scotiabank Advisor

If you want to learn more about banking, budgeting, or personal finance in Canada, it can be helpful to speak with a professional. Scotiabank offers newcomers the opportunity to speak with an advisor¹.

Warm wishes,
The Moving2Canada team, in partnership with Scotiabank