A new report finds a gap between what kids know about money and what they actually do with it
Canadian kids can talk about money. They just can't manage it.
A new Ipsos survey of 1,000 Canadian parents found that only 9 percent strongly agree their child is ready to manage money independently when they leave home, despite 90 percent of those same parents saying they talk to their kids about money regularly.
The gap between financial knowledge and real-world practice is the central finding of Mydoh's 2026 Financial Resilience Report, released this spring.
While 83 percent of parents said their child understands saving toward a goal, only 64 percent said their child regularly works toward one — a 19-percentage-point spread the report attributes to a lack of hands-on practice.
The pattern shows up in everyday habits.
One in five parents said they step in to fix the situation when their child makes a money mistake, and only 46 percent said they talk through what went wrong afterward.
Sixteen percent of parents said their child has never experienced running out of money when they cannot afford something they want.
Parents are not immune to the problem either.
Thirty-four percent said their own financial resilience needs improvement, rising to 42 percent among mothers.
Vanessa Bowen, a CPA and founder of personal finance coaching platform Mint Worthy, offered four recommendations for parents:
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give children hands-on experience with earning and saving;
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hold brief weekly spending reviews as a family;
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let children reflect on money mistakes rather than fixing them;
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and keep money conversations low-pressure.
“When kids are actively involved in earning, saving and spending decisions, they begin to build real financial skills,” she said, “like a muscle.”
The survey was fielded online between March 30 and April 2, with a credibility interval of plus or minus 3.8 percent, 19 times out of 20.
