On the eve of Financial Literacy Month, a new opinion research survey found that only one-third of Canadian youth, ages 10 to 17-years, say that their parents regularly talk with them about money and finances.
The research, conducted by Ipsos Reid on behalf of ABC Life Literacy Canada and sponsored by TD Bank Group, found that money is one of the least discussed issues between parents and kids.
“It’s concerning that parents appear reluctant to talk to their children about money and finances, perhaps it’s because they believe their kids aren’t interested in the subject or won’t understand,” said Sean Simpson, associate vice president at Ipsos Reid. “Since learning about essential life skills usually starts at home, parents should be open to having an ongoing dialogue with their children about money.”
The research also found that 34% feel that there are secrets in their home when it comes to money, and 30% felt that their family has money problems.
“The first step in improving financial literacy is to take the fear out of finance. Parents need to speak with their children about money management to help teach and guide them, and to help increase every family member’s financial literacy levels,” said Margaret Eaton, president of ABC Life Literacy Canada.
More than 30% of youth surveyed wish their parents would talk to them more about their family’s finances; while 21% say that it’s usually up to them to initiate conversations about money and finances with their parents.
“Financial Literacy Month reminds us of the importance of money management skills in today’s modern economy,” said John Tracy, senior vice president, Retail Savings and Investment, TD Bank Group. “We all have a role to play — families, educators, community groups, government and banks — in improving financial literacy.”
ABC Life Literacy Canada is a non-profit organization that inspires Canadians to increase their literacy skills.
The survey used an online methodology with fieldwork running from August 20 to 27, 2012. An overall sample of 539 youth under the age of 18 were sampled, with 273 being between the ages of 10-13 and the remaining 266 being between the ages of 14-17.