Kids have their own ideas about money - some sensible and others not so wise.
Twelve-year-old Amanda thinks it's good to save and not blow your money right away "so you can buy other things."
When it comes to credit cards, eight-year-old Jeremie says when the monthly bill comes in "you sign it and then you give it back" - leaving out the part about actually paying it.
These kids are still far away from the working world, but the ideas they're forming about money could affect how much they save, how they use credit and how much debt they eventually take on in later life.
Canadians have overwhelmingly told the federal task force on financial literacy that they want more financial education in the school system. Many have said they lack skills, knowledge and confidence in financial matters, with the economic downturn and growing personal debt levels adding to the concern.
The task force has pledged to develop Canada's first national strategy to improve financial awareness and will make its recommendations public in December.
High school business teacher Jeff Balch said his students have little knowledge about money other than spending.
"They don't know most stuff because nobody talks to them about it - as in their parents," said Mr. Balch, who teaches at London South Collegiate Institute in London, Ont.
"The discussions tend to be in terms of kids spending too much money, but no one tells them why, where their money goes," he said.
Mr. Balch, head of the school's business studies, incorporates financial knowledge into the Grade 10 business and careers and Grade 12 accounting classes he teaches.
He deals with realities like how much post-secondary education will cost, where the money will come from and how much living away from home will cost.
"It's an eye opener for them when they see exactly how much things are going to cost."
He also teaches them how to budget or save for a trip and spends a lot of time on credit cards, and as well as monthly cellphone bills and how to renegotiate them.
These are financial tools that students need to "survive," he said.
"No one is talking about it to them right now."
Financial literacy task force member Mitch Murphy said students' message to the task force was to "make it real."
"It may difficult to have a 14- or 15-year-old get too enthusiastic about retirement planning," Mr. Murphy said from Summerside, P.E.I.
"But if you want to talk about a cellphone contract or a debit card and how they work - stuff that's happening to them everyday - then they will be engaged."
Mr. Murphy said learning financial literacy early, well before getting into the work force, should stay with Canadians for life and benefit the country as a result.
"First and foremost, it's about helping individual Canadians. The collective result of that is a strengthened economy and a strengthened country."
A recent report by TD Economics found household debt is rising faster in Canada than in the United States and will continue to climb as low interest rates encourage consumers to spend beyond their means.
Manitoba and Ontario will put financial literacy into their curricula in September, 2011. Mr. Murphy noted the task force has to be respectful that education is a provincial responsibility.
Sandra Martin, executive editor at Today's Parent magazine, said children can start learning about money when they learn to count.
"Sit down with the flyers and look at how much things cost," Ms. Martin said from Toronto. "Here's toonie. Let's see what we can get for a toonie."
Ms. Martin said some experts are recommending that pre-teens and teens get debit cards as soon as possible with a parent as the co-signer to learn how to manage their money.
Babysitting and birthday money could be deposited and there would be a limit as to how much could be debited every month, she said.
"The reality is we're not spending with cash any more. If you're always in control of your child's money, then they're never going to learn what it means to save for something that's important."
Mr. Balch said he tries to make his students realize the differences between "needs, wants and priorities."
"If they haven't learned self-control and if they haven't learned how to handle money, they can easily spiral out of control."