Empowering Parents: Equipping Canadian Children with Financial Knowledge for a Secure Future

2023-07-19 15:45:43

Faced with inflation and key interest rate hikes that have affected Canadians for several months, most Canadian parents are concerned that their children are not sufficiently equipped to avoid financial difficulties, according to a recent TD survey.

Thus, nearly three out of five parents say they are worried about the future of their children, according to the sounding published on Wednesday.

Moreover, 89% of them believe that if their children had better financial knowledge before adolescence, they would feel more reassured.

Most of the parents surveyed (60%) also remember making financial mistakes because they weren’t informed enough in their youth.

“It’s never too early to start talking to your child about finances. As parents, you can take small, simple steps now to improve your child’s financial literacy,” said Marie Cacchione, District Vice President at TD.

In fact, only 29% of parents regularly talk about personal finances with their children.

The two big financial concepts children should learn are budgeting and saving, according to the parents surveyed.

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