Nearly 3 in 5 Canadian parents frequently worry about their children's financial future, new TD survey reveals

Only a third of parent respondents (35 per cent) feel their child(ren) are prepared to avoid the same financial challenges they encountered when they were young

TORONTO, July 19, 2023 /CNW/ - Amid the battle with inflation and unsettled economic conditions, financial uncertainty and affordability are top of mind for many Canadians; a recent survey by TD Bank Group found that Canadian parents are concerned about their children's financial future.

In fact, nearly three-in-five (58 per cent) Canadian parents say they frequently worry about their child's future, with the overwhelming majority (89 per cent) agreeing they would feel more confident about it if their child had improved financial knowledge before their teenage years.

According to the survey, two in three Canadian parents (66 per cent) are not highly confident in their children's financial knowledge for their current age. Most parents (60 per cent) claim they have made mistakes with finances due to a lack of financial education in their own childhood.

"Our survey shows that 70 per cent of Canadian parents don't feel very prepared to support their kids' financial literacy at home," said Emily Ross, VP, Everyday Advice Journey at TD. "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 offers activities in our branches that are designed to make banking fun for kids, along with digital resources, educational guides, a bank account for youth and students, and budgeting tools."

Additional survey findings

In addition to the above findings, the TD survey also revealed:

• Canadian parents believe budgeting (73 per cent) and saving money (72 per cent) are the two most important financial fundamentals for children to learn today.
• Canadian parents do not appear to be having regular discussions with their children about personal or home finances, with only 29 per cent of parents discussing finances with their child weekly.

"It's never too early to start talking about finances and there are small, simple steps parents can take now to help increase their children's financial knowledge. We suggest parents keep the conversation age appropriate, talk openly and honestly about money, and help your kids distinguish between needs versus wants," added Ross.

Looking for more ideas on how to talk to your kids about money?

To help prepare parents for conversations around finances with their children at different ages, TD has resources available online.

Additional resources for parents and youth

1. Begin your child's saving's journey by opening a TD Student Chequing Account, and your child could get up to $20 cash. Conditions apply.
2. Start planning for your child's future. Learn more about saving vs. investing your money
3. Helpful financial literacy resources, lessons and games for parents and children

About the TD Survey

Results are based on a Maru Public Opinion survey conducted online between June 8 to 13, 2023, on behalf of TD Bank Group. A sample of 1,008 randomly selected Canadian parents with children under the age of 18 and who are also Maru Voice Canada online panelists completed this survey.

This Maru Public Opinion survey conducted on behalf of the TD Bank Group was undertaken by the sample and data collection experts at Maru/Blue. 1,008 randomly selected Canadian parents who are part of the Maru Voice Canada online panelist network were surveyed from June 8 to 13, 2023. The results of this study have been weighted by gender and region according to Census data. For comparison purposes, a probability sample of this size has an estimated margin of error (which measures sampling variability) of +/- 3.1%, 19 times out of 20. Discrepancies in or between totals when compared to the data tables are due to rounding.

About TD Bank Group

The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group ("TD" or the "Bank"). TD is the sixth largest bank in North America by assets and serves over 27.5 million customers in four key businesses operating in a number of locations in financial centres around the globe: Canadian Personal and Commercial Banking, including TD Canada Trust and TD Auto Finance Canada; U.S. Retail, including TD Bank, America's Most Convenient Bank®, TD Auto Finance U.S., TD Wealth (U.S.), and an investment in The Charles Schwab Corporation; Wealth Management and Insurance, including TD Wealth (Canada), TD Direct Investing, and TD Insurance; and Wholesale Banking, including TD Securities. TD also ranks among the world's leading online financial services firms, with more than 16 million active online and mobile customers. TD had $1.9 trillion in assets on April 30, 2023. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.

SOURCE TD Bank Group

Thomas Rigg, [email protected]