Sep 27, 2026
For generations, well-meaning parents have passed down practical life advice to their children, from driving safely to saving for a rainy day. But when parents project their own financial mistakes and deep-seated fears onto their adult children, it can leave the next generation ill-equipped to build their own financial futures.
The generational ripple effect was highlighted recently in a popular post on the r/PersonalFinanceCanada forum on Reddit. A user posting as a “24F, no financial literacy, looking for general/dumb person advice” detailed how her parents’ debt struggles shaped her early understanding of money management.
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“No financial support/education from parents, they rock though lol,” the poster wrote. “I got my first credit card last year because my ex boyfriend told me to - the advice I’d gotten before then was from my mother who said I should never get one cause I’d go into debt (she’s in lots of debt lol). I honestly had no idea what a credit card was/was for before last year.”
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Despite the lack of guidance, the 24-year-old full-time undergraduate student and part-time bartender appears to be faring relatively well on paper. She manages $650 in monthly rent, maintains $1,739 in her RBC chequing account and holds $6,100 in a tax-free savings account (TFSA), including $3,089 invested in the Vanguard S&P 500 Index ETF (VFV).
She has also achieved a credit score of 752. However, the anxiety inherited from her mother’s past debt keeps her in a state of hyper-vigilance and confusion.
“My credit card honestly scares me, I don’t really understand how the payments work and I’m constantly scared of screwing something up and going into debt/messing with my score,” she admitted. “I never spend money I don’t have and can always pay it off in full, but I’ve paid it off a couple days late several times just because I’ve lost track of the due date.”
The high cost of financial anxiety
The young woman’s experience is far from unique across the country. According to a 2023 survey conducted by Abacus Data for the Canadian Foundation for Economic Education, roughly 88% of Canadian youth say they wish they had received better financial education in school, while many rely on parents who may lack baseline confidence themselves.
Financial planners note that when parents avoid credit due to personal debt trauma, they inadvertently deprive their adult children of key tools needed to establish credit history, purchase homes or qualify for auto loans.
The poster also pointed out gaps in her understanding of investment accounts, writing that she is “still not really sure what it, or its purpose is but it’s good apparently” regarding her TFSA.
“I’m not great at consistency with the investing, but I’ve apparently made +$288.48 in about a year so woohoo,” she shared. “My goal is $100/month in there, but some months I haven’t, and some months I’ve put in a few hundred at a time, not sure if that’s bad.”
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Experts urge automated habits over fear
Responding to the post, personal finance enthusiasts and online commentators offered reassurance alongside straightforward advice to clear up the confusion.
To resolve her main concern — missing credit card due dates — users advised setting up pre-authorized automated bill payments through her bank. Experts frequently emphasize that automated payments ensure statement balances are settled in full each month, protecting credit scores from accidental late fees without requiring constant oversight.
Other Redditors also encouraged the student to enroll in free, accessible learning modules such as the McGill Personal Finance Essentials course, a public resource managed by McGill University’s Desautels Faculty of Management designed to demystify budgeting, debt and investing for Canadians.
While parental advice usually comes from a good place, money tools and credit systems have evolved significantly over a single generation. Relying on outdated warnings rather than building basic financial literacy can leave young adults unnecessarily fearful of standard financial tools. Seeking out modern education helps turn well-meaning family advice into practical, informed decisions.
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Leslie Kennedy served as an editor at Thomson Reuters and for Star Media Group, followed by a number of years as a writer and editor and content manager in marketing communications, before returning to her editorial roots. She is a graduate of Humber College’s post-graduate journalism program and has been a professional writer and editor ever since.
