It’s not often that a survey produces a result showing 99-percent of the population is on the same page but that’s what happened in a report prepared for TD Bank centred on financial literacy for kids.
It turns out 99-percent of the parents who responded said they planned to discuss digital money habits with their kids. And more than half said they’d have the talk before the kids were 13.
These parents are concerned about how influencer culture and social media are affecting their children, especially when it comes to money matters.
Fourty-percent of the parents worry about how easy it is for kids to spend with their digital wallets and a third are uneasy about the pull of subscription services or in-app purchases.
Virtually all the parents – 96-percent of them – believe financial literacy is as important as on-line or media literacy but less than half have confidence in their kids’ financial abilities.
TD says the survey shows parents have a window of opportunity to teach and learn with 60-percent saying they have learned something about digital wallets from their kids.
