Nearly 60 per cent of Canadian parents fear for their child's financial future: survey

According to a new survey, nearly three-in-five Canadian parents are worried about their child's financial future, primarily due to the impact of inflation and the prevailing economic uncertainties in the country.

A new survey conducted by TD Bank Group shows that nearly 60 per cent of Canadian parents are concerned about their children’s financial future, primarily due to the impact of inflation and the prevailing economic uncertainties in the country.

According to the survey published on Wednesday, an overwhelming majority of surveyed parents (89 per cent) believe that their confidence in their children's financial future would improve if their kids gained better financial knowledge before their teenage years.

The survey also found that 66 per cent of parents are not highly confident in their children's current financial knowledge.

In the survey, 60 per cent of parents admitted that they had made mistakes with finances during their childhood, with the majority attributing these mistakes to a lack of financial education at that time.

"Our survey shows that 70 per cent of Canadian parents don't feel very prepared to support their kids' financial literacy at home,'' vice-president of Everyday Advice Journey at TD, Emily Ross, said in a press release published on Wednesday.

"We understand that it can be hard to find the time or even know where to begin and are here to help parents and children on their journey to building healthy financial habits."

TD Group’s survey also found that a similar amount of Canadian parents consider budgeting (73 per cent) and saving money (72 per cent) to be the two most important financial fundamentals for children to learn today.