Overall, the data shows that financial knowledge (or lack thereof) and accompanying worries can be passed down within families.
Read more: Industry reaffirms collective commitment to financial literacy
“Money carries a lot of stress for Canadians – women and people of colour particularly – and from the survey, we’re seeing that stressors can be passed down through the generations; sometimes unintentionally,” Sammer Haq, Head of Data and Analytics at Mydoh, and Founder and Executive Director at BridgeTO Youth, said.
Most Canadians feel shame, regret, and self-doubt about their own money management abilities, despite the country’s ranking among the top 10 in the world for youth financial literacy.
In addition, 62% of parents surveyed said their financial situation or decisions had a negative impact on their mental health, with this feeling being disproportionately more prevalent among women (65%).
