New survey finds 87% of Canadian parents hesitate to give children real financial independence despite valuing money skills
Most Canadian parents say financial literacy is critical for their children, but nearly nine in ten admit they are hesitant to give their kids real monetary independence.
New research released by Mydoh, the money management app backed by RBC's tech and innovation arm, RBCx, reveals that 87% of Canadian parents of children aged six to 17 who took part in the poll, consider money management extremely or very important for children during the school year. Half describe it as extremely important.
However, that same 87 per cent said they had at least one hesitation about granting greater financial autonomy to their kids.
The tension between intention and action is a recurring theme in how Canadians approach raising financially capable children. Nearly half of parents surveyed said their top concern was that their child would spend money too quickly, while 42 per cent worried about poor spending decisions more broadly.
A third cited fear of scams or unsafe online purchases, and 23 per cent simply felt their children were not yet mature enough.
"Parents understand that money management is a skill their kids need for life — but knowing that and feeling comfortable handing over responsibility are two very different things," said Angelique de Montbrun, chief executive officer of Mydoh.
Despite those concerns, the data suggests parents are trying to build practical habits into daily life.
Sixty-seven per cent said they expect their child to save toward a goal during the school year, while 61 per cent expect them to manage their own spending money and 57 per cent anticipate their children making small purchases independently.
Only 22 per cent, however, plan to include their children in managing any portion of the back-to-school shopping budget — and just 13 per cent expect kids to make online purchases on their own.
Building confidence through experience
The findings also arrive at a moment when Canadian financial literacy discussions are moving back into the home with advisors increasingly being asked to support not just their clients but their clients' families.
Back-to-school season, the survey suggests, presents a natural entry point where spending decisions are visible, immediate, and easily tied to longer-term goals around saving and budgeting.
