Dec 23, 2025
Talking about money, especially across generational gaps, is never easy. And recent data is showing that parents of young Canadians are facing a two-fold challenge: Their own concerns about how their children will financially sustain themselves as they age and a lack of confidence in approaching financial literacy discussions.
RBC’s 2025 Talking Money With Our Kids Poll (1) surveyed Canadian parents about how they approach money conversations with their children and the results underscore that parents are navigating various forms of apprehension. Fifty-three percent are concerned for their children’s financial future, and 59% state that they do not feel fully confident in having financial conversations with their children.
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Furthermore, 36% of parents are postponing financial conversations until the need arises or during key life moments, while 16% admit that they haven't had the “money talk” at all. So, if primary caregivers are staying mum on how to navigate financial complexities and build robust money management skills, where are young Canadians getting their information from?
Parents aren’t the only source of financial wisdom
Just because parents are not having these conversions does not mean their kids aren’t learning about money — social media is playing a key part in how teens and Gen Zers are acquiring information and assessing their own financial health.
A separate poll from RBC that surveyed 1,000 Gen Z Canadians found that 64% of felt “financially behind” after browsing social media (2). Fifty-five percent also stated that social media posts can make them feel as though they are struggling, even if they are in a good place financially.
In fact, turning to social media for financial advice is more common for younger Canadians. A survey from the Financial Consumer Agency of Canada (FCAC) found that Canadians aged 18 to 34 are “twice as likely to seek financial advice on social media,” as 18% of respondents used Instgram, TikTok or other platforms to seek out tips, tricks and facts they may not be getting elsewhere (2).
While social media can help young Canadians find their financial footing, it can also harm them. A survey from the Co-Operators noted that a third (31%) of Gen Zs have regrets stemming from taking bad financial advice on social media (3).
However, children and young adults don't have to be left in the dark about how to best utilize and optimize their money — you as a parent can be that exemplar.
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How parents can have productive money talks with all ages
This data puts parents in a tough spot — they feel paralyzed to discuss money with their children because of their lack of confidence and resources, but other sources are already giving their kids information and advice. Parents' worries aren’t unfounded either: the cost of groceries ballooned 4% from last year to this fall (4) and 55% of Canadians aged 25 to 44 reported struggling to cover their day-to-day expenses back in 2024 (5). Money conversations matter more than ever as financial struggles become more commonplace.
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So, how can parents overcome these worries to empower their children with honest and open financial conversations? Here are some tips to help you have productive conversations with children at any stage (6, 7) along with some helpful resources to give you more ideas on how to start money talks.
Age 3 - 5
- Start by introducing the idea of money and key concepts such as saving vs spending
- Use jars to show kids how to set aside money for spending, saving, donating, etc.
- Have simple conversations to teach them how money is earned through household chores
- Explain coins versus bills and show them what money looks like
Resource: Bank of Canada Museum - Understanding Coins & Bank Notes (8)
Age 6 - 9
- Use games (e.g. playing shopping at the mall) to instill key concepts like wise spending
- Help your child to save up for a specific item (e.g. a favourite toy) so they can understand the value of saving and financial planning
- Reinforce how money is earned by assigning them chores or an setting up an allowance program
Resource: Bank of Canada Museum - Growing Your Savings Project (9)
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Age 10 - 13
- Open a bank account with your child and talk about how it is used and the differences between chequing versus savings accounts
- Introduce digital payment options and online spending best practices
- Explain key differences between earning money, loaning money and how credit works
- If appropriate, try using a digital money app to help your child become more familiar with digital payments
- Be vulnerable and open up about some of the tough money lessons you learned as an adult
Resource: Bank of Canada Museum - The Risks and Benefits of Borrowing (10)
Age 13+
- Your child may have a part-time job at this stage, so make sure you walk them through taxes, Canadian Pension Plan deductions, benefits, etc.
- Start having open conversations about credit scores and debt scares
- Explain savings and spending tactics like the 50/30/20 rule
- Create a budget with your teen to show them how to properly track their spending
- Open a low-risk secured credit card with your teen, when they turn 18, so they can start to properly manage credit
- For older teenagers, start discussing what’s an appropriate amount to spend on living expenses (e.g. rent, groceries, utilities) in light of their income
Resource: Bank of Canada Museum - Building a Budget (11)
Article sources
We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.
RBC (1, 2), Co-operators (3), Statistics Canada (4, 5), ATB (6), Scotiabank (7), Bank of Canada Museum (8, 9, 10, 11)
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Brett Surbey is a corporate paralegal with KMSC Law LLP and freelance writer who has written for Yahoo Finance Canada, Success Magazine, Publishers Weekly, U.S. News & World Report, Forbes Advisor and multiple academic journals. He and his family live in northern Alberta, Canada.
