Three out of five (60%) poll respondents aged 18 to 24 (defined as “youth” in the study) said they first learnt about basic finances before the age of 16, compared to only half (48%) of respondents aged 40 and older (“parents”).
Nine out of ten (89%) parents say they started talking about finances and fundamental money management with their kids by the time they turned 16 years old, indicating that “the money talk” is becoming more commonplace in households today.
The study also looked at how confident Canadians were in their ability to handle their money in a fundamental way, like by setting aside money for savings and creating a budget.
Most parents (87%) believe they are providing a good example for their kids when it comes to money, while most kids (77%) say their parents’ financial habits have had a beneficial influence on how they handle their finances now.
“Canadian families are telling us they are open to having the ‘financial talk’ with their children at a much younger age than previous generations, to help them plan smarter for a better future,” Carola Corti, SVP & General Manager of Payments at PC Financial, said.
