May 20, 2026
Most Canadian parents say they regularly talk to their children about money — but far fewer feel their kids are actually prepared for one day managing money on their own.
A new survey from Mydoh found that while 90% of parents report having regular conversations about money with their children, only 9% strongly agree their child is ready to manage money independently when they eventually leave home. The findings point to a broader gap between understanding financial concepts and actually applying them in real-life situations.
Advertisement
"While many families are already having money conversations, the research suggests practical experience remains an opportunity area," said Angelique de Montbrun, chief executive officer at Mydoh, in a statement.
Understanding money isn't the same as managing it
The report suggests many children understand basic financial concepts, but don't have many opportunities to put them into practice consistently.
While 83% of parents said their child understands the idea of saving for a goal, only 64% said their child regularly works toward a money goal.
The survey also found that only 55% of children are handling money independently before age 12, whether through making purchases, managing an allowance or deciding how to spend savings.
Must Read
- Warren Buffett used these 4 solid, repeatable money rules to turn $9,800 into a $150B fortune. Here’s how to apply them to your own life
- Stop the leak: 5 costs Canadians (still) overpay for every single month. How many are sabotaging your 2026 budget?
- This 7-step plan from Dave Ramsey is designed to help you ditch debt, save more, and build wealth — here’s how it works
Join 19,000+ readers and get Money.ca’s best stories and exclusive interviews first — clear insights curated and delivered weekly. Subscribe now.
Financial mistakes may be part of the learning process
The Mydoh report argues that hands-on experience plays an important role in building financial confidence over time.
For example, 16% of parents said their child has never experienced running out of money when they couldn't afford something they wanted.
"Financial resilience isn't built by knowing what to do with money — it's built by actually doing it," said Vanessa Bowen, CPA and founder of the personal finance coaching platform Mint Worthy, in the report.
Advertisement
Bowen added that earning, saving and making spending decisions independently can help children build confidence and better financial habits over time.
Ready to build a better financial future? Browse our expert reviews of the best budget apps in Canada and start your free trial today.
Many parents still find money conversations difficult
The survey also highlighted that many parents remain hesitant to openly discuss finances.
More than one in five parents said they worry money conversations could create stress or anxiety for their children. At the same time, fewer than half said they regularly talk through financial mistakes with their kids to help explain what went wrong and how to improve future decisions.
For many families, the challenge appears less about introducing financial concepts and more about giving children practical opportunities to manage money, make mistakes and gradually build confidence before adulthood.
"Financial confidence is built through everyday habits and hands-on learning", said de Montbrun. "When kids and teens have the chance to practice managing money early, they build skills that can stay with them for life."
You May Also Like
- Here’s how to retire in 10 short years no matter where you live in Canada — even if you’re starting with $0 savings
- Here are the 3 essential moves to make once you’ve saved $50,000
- Here are 6 simple ways to avoid the stress of living paycheque to paycheque, according to Suze Orman
- Your daily coffee habit isn't the problem. Prioritize these 4 critical investments instead and watch your net worth skyrocket
Steven Brennan is a freelance finance writer based in Vancouver, BC. He holds a BA and an MA from Maynooth University, Ireland. His work regularly appears at Canadian Mortgage Trends, Lowest Rates, Loans Canada and other Canadian and US brands, while also working as a ghostwriter for financial influencers.
Real Estate • May 16
