How to explain compound interest to kids
Here's an easy way to explain this important financial concept.
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It’s how your savings grow faster the longer you leave them alone. Whatever you save—whether it’s in an RESP, a savings account or an RRSP—earns interest not just on what you put in, but also on the money it picks up along the way, which is called compound interest.
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More tips on raising money-wise kids:
Ages 0 to 6: My first money moves »
Ages 7 to 12: Saving not spending »
Ages 13 to 17: Big kids, bigger budget »
Ages 18+: Preparing to launch »
How to explain…
Basic budgeting to kids »
Net worth to kids »
Ways your kids can earn and save
Run a successful lemonade stand »
Save money at school »
Help!
How can I avoid money tantrums? »
Should you pay your kids to volunteer? »
Should I buy my 10-year-old a smartphone? »
Does my kid need a clothing allowance? »
Should I give my teen a credit card? »
My kid called from college and is broke again »
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