Canadian parents are increasingly worried about their children’s financial future, a new survey has found.
Results from a TD Bank Group survey released Wednesday found that 58 per cent of Canadian parents say they often feel distressed about their child’s financial future.
Another 89 per cent of survey respondents said they would feel better if their child had better financial knowledge before becoming a teenager.
"Our survey shows that 70 per cent of Canadian parents don't feel very prepared to support their kids' financial literacy at home," Emily Ross, vice president of Everyday Advice Journey at TD, said in a news release Wednesday.
Other findings included that 66 per cent of parents were not “highly confident” in the financial knowledge of their children for their age.
Sixty per cent of respondents also indicated they have previously made mistakes in their finances due to a lack of financial education when they were children.
“We suggest parents keep the conversation age-appropriate, talk openly and honestly about money, and help your kids distinguish between needs versus wants," Ross said.
Budgeting and saving money were identified among parents as two of the most important financial fundamentals for children to learn, with 73 and 72 per cent of respondents prioritizing those items, respectively.
Results were derived from a Maru Public Opinion survey on behalf of TD Bank Group. Responses were taken from a sample of 1,008 randomly selected Canadian parents whose children are under the age of 18, as well as Maru Voice Canada online panellists. The survey was conducted online from June 8, 2023, to June 13, 2023.