It wasn’t always easy for parents and children to have the “money talk”. Once seen as a taboo conversation for children, the tides have started to turn when it comes to the cold hard truth about cold hard cash, according to a new survey* from the PC Financial® team conducted ahead of this year’s back-to-school season. Families are talking more about the importance of budgeting and finances to their children at a much younger age than before. Three-in-five (60%) respondents aged 18-24 (“youth”) surveyed say they first learned about basic finances before the age of 16, compared to only half (48%) of respondents aged 40 + (“parents”).
Having “the money talk” these days seems to be a more normal conversation across households, with nine-in-ten (89%) parents reporting they began discussing finances and basic money management with their children by the time they turned 16. 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 (87%) felt they were setting a positive financial example for their children, and three-quarters of youth (77%) 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,” explains Carola Corti, SVP & General Manager of Payments at PC Financial®. “The PC Financial® team understands the importance of learning healthy financial habits early, and to help support families, we’ve lowered the minimum age requirement for our no monthly fee PC Money™ Account to 16 years old. PC Financial® products are a great way to get rewarded, and to make your dollar go further this back- to-school season.”A Changing Paradigm: Earlier Education
- Half of parents (47%) surveyed say they were aged 16 or older when they first learned about basic finances.
- Parents (63%) and youth (68%) surveyed are about equally likely to have first learned about finances from their parent or guardian.
- Youth (35%) are significantly more likely than parents (28%) to find relevant information about finances through websites.
SOURCE President’s Choice FinancialTweet