For many of us, one of the taboo subjects in the family was money. It was rare in our youth to encounter friends or peers who were conversant with financial matters, let alone their own family finances.
Today, we’re regretting that little family secret.
A survey for MyDoh, which is a unique app to help kids learn about money and money management, found that a large percentage of Canadians believe the lack of transparency on money matters exhibited by their parents is impacting their ability to manage money.
Because Grandma and Grandpa didn’t talk about their finances, Mom and Dad feel a range of emotions about money management, ranging from shame to regret and self-doubt. Two-thirds go so far as to say it affects their mental health, especially among women.
This revealing survey also learned that the vast majority of parents with kids aged six to 18 years old – more than 90 per cent – rank money management as the number one skill they hope their kids develop, outranking cooking and housekeeping, which were much farther down the list.