Sep 5, 2026
School supply lists are not the only back-to-school preparation on Canadian parents’ minds this year. Many are also weighing when — and how — to give their children hands-on experience managing real money.
According to research commissioned by Mydoh, 87% of Canadian parents say building money management skills is extremely or very important for their child, with half (50%) describing it as extremely important.
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However, wanting children to be financially capable and actually handing over responsibility remain two different challenges. The same survey revealed that 87% of parents have at least one hesitation about granting their child greater financial autonomy. This disconnect highlights a common parenting trap: Assuming kids will pick up financial judgment once they reach adulthood, rather than learning through practical experience while the stakes remain low.
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For families navigating this transition, the back-to-school season provides a natural opportunity to start small and gradually build financial independence.
Why Canadian parents hesitate to hand over control
Parental concerns tend to center around several common risks:
- 49% worry their children will spend money too quickly
- 42% fear poor spending choices
- 33% worry about online scams or unauthorized purchases
- 23% feel their children lack the maturity for financial responsibility
“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,” Angelique de Montbrun, Chief Executive Officer of Mydoh, said in a statement.
“The intention isn’t to give kids unlimited freedom with money. It’s to give them the right amount of independence, with the right amount of guidance, so they can learn from real decisions while the stakes are still low.”
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Where the practice gap shows up
The survey indicates that Canadian parents feel comfortable granting autonomy in lower-stakes scenarios:
- 67% expect their child to save up for a goal during the school year
- 61% expect them to manage their own pocket money
- 57% expect them to handle small, independent purchases
That comfort drops significantly when financial complexity increases. Only 22% of parents expect their child to manage part of the back-to-school shopping budget and just 13% expect them to make online purchases independently. Furthermore, nearly one in five parents (19%) admit finding it difficult to step back and allow a financial mistake to happen.
Building financial independence step-by-step
Vanessa Bowen, a Chartered Professional Accountant and founder of personal finance coaching platform Mint Worthy, said in a statement that financial independence is built incrementally rather than granted all at once.
“Parents can start with decisions that feel manageable and gradually give their kids more ownership as their confidence and judgment grow,” Bowen explained.
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To implement this approach effectively, consider these practical steps:
- Start with low-stakes decisions: Allow children to practice comparing prices, evaluating wants versus needs, or managing a small weekly lunch budget before expanding their responsibilities.
- Allow small financial mistakes: If a child makes an impulse buy or overspends, resist the urge to immediately cover the shortfall. Use the moment to discuss what happened and how to adjust next time.
- Delegate a specific budget segment: Assign ownership of a defined expense — such as buying specific school supplies or extracurricular gear — rather than managing the entire shopping trip.
- Establish clear guardrails: Agree on spending limits, checking-in expectations, and rules for identifying suspicious websites or online offers before granting digital spending access.
Setting up the school year for success
The survey data shows that while most Canadian children are already saving and tracking pocket money, progress often stalls before reaching real budget management or online purchasing.
Parents do not need to grant complete financial freedom immediately. Assigning a defined dollar amount, setting clear boundaries, and allowing minor spending missteps now helps prevent costlier mistakes later in adulthood.
Essential skills — such as comparing unit prices, balancing a budget, and recovering from poor purchases — require repetition to take hold. Introducing one defined area of financial responsibility this school year provides a safe, structured way to build lifelong financial resilience.
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Amy Tokic is an SEO content editor for Money.ca. She holds a B.A. in Communications from the University of Windsor. Amy is an award-winning author and has been writing professionally for 15 years, publishing articles in the lifestyle and health sectors.
