Free Downloadable PDF:

How Canadians Teach Their Kids About Money

Curious to know how Canadian parents approach money topics with their kids? Mydoh and Leger asked 1,500 families about how they’re teaching financial literacy in their households and got some surprising results. Download our free survey results to find out what they had to say!

Financial literacy survey

What’s Inside

Here’s a sneak peek at the survey results of our financial literacy survey package.
Lesson 1:

Parents need to unlearn their unhealthy financial habits

46% of parents said they felt they needed to unlearn their unhealthy financial habits—like not having a budget, not saving a set amount each month, or going into debt.

Lesson 2:

Money should be openly talked about as a family

Almost half of the parents we surveyed found their kids were more curious and motivated to learn about money than they were at the same age.

Lesson 3:

Parents could be more proactive teaching money management

Our survey revealed that more than one in two parents felt like their parents weren’t proactive enough in teaching them about money management.

Lesson 4:

Chores & allowances teach kids valuable lessons about money

Assigning chores and providing an allowance is usually a kids’ first taste of work. And having a digital tool like Mydoh can help them be more proactive about their household responsibilities.

Lesson 5:

Money management is a skill parents want their kids to learn

90% of Canadian parents surveyed rank basic money management as the main skill they hope their kids will learn. Clearly, raising money-smart kids is important to Canadian parents.

How Canadian Parents Are Teaching Their Kids About Money (Free Download)

We surveyed 1,500 Canadian parents about their approach for teaching their kids about money. Download our FREE pdf package to get inspired with some ideas for your own family!


Financial literacy is important to kids and teens because it gives them the skills and knowledge they need to successfully manage their money. Being financially literate helps kids differentiate between a want vs. a need, helps them understand  the value of money, teaches them about earning and investing money, and how to avoid consumer debt. Like any skill, the earlier you learn, the more mastery you’ll acquire.

Talking to your own kids about money can be challenging, especially if your parents weren’t open about the subject. Some tips to help you start talking to your kids about money include: encourage kids to ask questions, let your kids lead the discussion, make the information you share age-appropriate, be honest with your own money mistakes and struggles, and find casual in-the-moment opportunities to discuss money that relate to kids’ and teens’ lives.

Parents can teach children about money management from an early age by introducing physical money in the form of counting coins, playing shop to teach about spending, using a piggy bank or coin jar to teach about saving, and giving kids age-appropriate chores to teach them about earning money. As kids get older these basic concepts of earn, learn, spend, and save can be built upon.

Research shows that kids’ money habits are formed by the age of seven-years-old, so learning how to save money early can benefit kids. Some ways to motivate kids to save include having them set a savings goal to strive for and gamifying their savings by doing a savings challenge like the 50 envelope challenge, or colouring in a printable savings tracker for each $5 they save. Mydoh’s enhanced Savings Goal feature is another way kids can set a goal, practice putting money aside, and visually track their progress. Parents can also motivate their kids to save money by giving them the opportunity to earn money through an allowance.