With inflation hitting Canadians’ pocket books and interest rates on the rise, there is no shortage of tension in the field of personal money management these days.
The pressure is so strong that two-thirds of us are wishing we could have a do-over. If we could, we’d ask our parents to teach us more about looking after our personal finances.
A survey by the money management app MyDoh, which was designed to help young people learn these skills, discovered that half of Canadians feel they need to unlearn some of their money management habits, practises they consider unhealthy.
They attribute this problem to secrecy about family money matters when they were young. You simply didn’t talk about personal finances if you were a ‘good’ family in the old days.
Today, nearly nin-in-10 parents believe they need to be more open and proactively discussing money matters with their families as well as things such as activity-based allowance – getting a regular stipend in exchange for completing basic chores around the house – are practical tools that will equip their children for the future.
