Having "the money talk" these days seems to be a more normal conversation across households, with nine-in-ten (89 per cent) parents reporting they began discussing finances and basic money management with their children by the time they turned 16, according to a survey by PC Financial.
The survey also examined Canadians' comfort levels and their confidence with basic financial management, like how to budget and save. Nearly nine-in-ten parents felt they were setting a positive financial example for their children, and three-quarters of youth said their parents' money habits have positively influenced how they manage their money today.
"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," said Carola Corti, SVP & General Manager of Payments at PC Financial. About 47 per cent of parents surveyed said they were aged 16 or older when they first learned about basic finances.
About 77 per cent of youth say their parents' money habits have positively influenced how they manage their money today. And, according to the survey, 85 per cent of youth are significantly more likely than parents to be confident in their ability to save money. Some 85 per cent of youth said they are comfortable talking to their parents or guardians about finances.
