One-in-ten. That’s the number of Canadian parents who feel their kids are ready to manage money when they leave home. And this is from the parents who say they actively teach their children about financial management.
This finding comes from a survey conducted for MyDoh, a free app designed to help young people learn how to manage their money. The survey identified a gap between parents talking to their offspring about money and actually handling money.
While a large majority of the parents – 80 to 90 percent – say they regularly discuss money matters with their younger family members only two-thirds feel their kids regularly work towards a financial goal. In other words, there’s a 20-percent gap between learning and doing.
About half the kids were making independent decisions such as purchases, managing allowance or savings before age 12 with one-in-six kids having experienced the feeling of running out of money when they can’t afford something they want. Also, Mom and Dad can’t help themselves, 20-percent report stepping in to fix things when the kids make a money mistake.
