Nearly 60 per cent of Canadian parents fear for their child’s financial future: survey

A brand new survey carried out by TD Bank Group reveals that almost 60 per cent of Canadian mother and father are involved about their kids’s monetary future, primarily as a result of affect of inflation and the prevailing financial uncertainties within the nation.

According to the survey revealed on Wednesday, an awesome majority of surveyed mother and father (89 per cent) imagine that their confidence of their kids’s monetary future would enhance if their youngsters gained higher monetary data earlier than their teenage years.

The survey additionally discovered that 66 per cent of fogeys will not be extremely assured of their kids’s present monetary data.

In the survey, 60 per cent of fogeys admitted that that they had made errors with funds throughout their childhood, with the bulk attributing these errors to a scarcity of economic schooling at the moment.

“Our survey reveals that 70 per cent of Canadian mother and father do not feel very ready to help their youngsters’ monetary literacy at residence,” vice-president of Everyday Advice Journey at TD, Emily Ross, mentioned in a press launch revealed on Wednesday.

“We understand that it can be hard to find the time or even know where to begin and are here to help parents and children on their journey to building healthy financial habits.”

TD Group’s survey additionally discovered {that a} related quantity of Canadian mother and father think about budgeting (73 per cent) and saving cash (72 per cent) to be the 2 most vital monetary fundamentals for kids to study right now.

When it involves educating kids at residence, the survey revealed that Canadian mother and father have been falling brief in having common discussions about private or residence funds. Only 29 per cent of fogeys reported discussing finance with their little one on a weekly foundation.

“It’s never too early to start talking about finances and there are small, simple steps parents can take now to help increase their children’s financial knowledge. We suggest parents keep the conversation age appropriate, talk openly and honestly about money, and help your kids distinguish between needs versus wants,” added Ross.

Methodology:

Results are primarily based on a Maru Public Opinion survey carried out on-line between June 8 to 13, 2023, on behalf of TD Bank Group. A pattern of 1,008 randomly chosen Canadian mother and father with kids below the age of 18 and who’re additionally Maru Voice Canada on-line panelists accomplished this survey.

The outcomes of this research have been weighted by gender and area based on Census information. For comparability functions, a chance pattern of this dimension has an estimated margin of error (which measures sampling variability) of +/- 3.1 per cent, 19 instances out of 20. Discrepancies in or between totals are on account of rounding.

Reporting for this story was paid for via The Afghan Journalists in Residence Project funded by Meta.