Free Downloadable PDF:
How Canadians Are Teaching 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, with some surprising results. Download our free survey results to find out what they had to say!
Download Our Survey Results To learn About:
How other Canadian parents relate to money topics
See what 1,500 parents wished they’d learned about finances from their parents, how they feel about their current financial habits.
How to give your kids a head start on money management
Even if you feel you didn’t get a good financial education from your parents, you can still introduce money basics to your kids and teens.
How to motivate your kids to learn about money
We found that kids are motivated to learn about finances. Learn how to spark kids’ curiosity and help them earn and save money.
What’s Inside
Here’s a sneak peek at the survey results of our financial literacy survey package.
Parents Need To Unlearn Their Unhealthy Financial Habits
46 per cent 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.
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.
Parents Could Be More Proactive Teaching Money Management
Mydoh’s survey revealed that more than one in two parents felt like their parents weren’t proactive enough in teaching them about money management.
Chores & Allowances Teach Kids Valuable Lessons About Money
Assigning chores and providing an allowance is usually a kids’ first taste of work. Having a digital tool like Mydoh can help kids and teens be more proactive about their household responsibilities.
Money Management is a Skill Parents Want their Kids to Learn
90 per cent 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.
FAQ
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.