Nov 5, 2025
Social media is fast becoming one of the most powerful influences on how young Canadians think about money, and parents are worried.
A new TD Bank survey found 61% of Canadian parents are concerned that influencer culture, viral trends and digital ads are shaping their children’s attitudes toward spending and success.
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“Kids are learning about money from their feeds as much as they are from their families,” said Kristy Irwin, product group owner for youth and student at TD, in a statement.
“Financial literacy is evolving with digital culture, and parents have an opportunity to help kids learn how to spend wisely and not impulsively.”
The survey, conducted by The Harris Poll between September 15 and 23, 2025, polled more than 1,200 parents of children under 18 across Canada.
Parents adjust to a digital-first spending world
As digital payments become increasingly integrated into daily life, younger generations are making financial decisions earlier and more frequently online, whether it’s gaming purchases, online shopping or digital subscriptions, and that’s a shift that’s forcing parents to rethink how and when to start money conversations.
Nearly all parents (99%) said they plan to discuss digital spending habits with their kids, with more than half (58%) intending to start those conversations by age 13.
Four in 10 parents (39%) worry about how easily kids can make purchases through digital wallets, while over a third (36%) expressed concern about the rise of in-app purchases and recurring subscription charges.
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Most parents surveyed see financial literacy as a core life skill — 96% rated it as equally important as online or media literacy. Yet only 43% said they feel confident in their child’s money knowledge, highlighting a wide gap between intent and understanding.
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Two-way money conversations are growing
Parents aren’t waiting for schools or banks to take the lead. Seven in 10 respondents said their families now take financial literacy more seriously than they did five years ago, and 82% said they openly discuss their own financial challenges and successes at home.
Money talks are no longer one-sided. More than half of parents (57%) reported that their children have actually taught them something new about money — from mobile investing apps to digital wallets and budgeting tools.
But it seems as though traditional learning methods still hold value: 46% of parents use chores, 42% give allowances and 41% have open discussions about investing, according to the survey.
“Financial skills aren’t just passed down — they’re developed together,” said Irwin. “This two-way conversation can help create a stronger, more informed approach to managing finances.”
Experts say these early, open conversations can help kids build good financial habits and recognize online risks such as scams or overspending. As digital payments become more common, Canadian parents are realizing that the lessons they impart about money at home could be the most important financial education their children receive.
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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.
