Canadian Parents Cite Social Media As Key Influence - And Concern - On Kids' Spending
Influencer culture and evolving scam threats shaping how parents talk to their kids about money, spending and financial success.
"Social media is increasingly becoming a powerful force in our daily lives and – for better or for worse – kids are learning about money from their feeds as much as they are from their families," said
Financial Literacy in A
Nearly all Canadian parents (99%) plan to discuss digital money habits with their children, with more than half (58%) saying they will do so by the time their children turn 13. Parents say the ease of digital spending is adding new urgency to financial literacy. Nearly four in ten (39%) worry about how simple it is for kids to make purchases through digital wallets and more than a third (36%) are concerned about the pull of subscription services and in-app purchases.
At the same time, parents are rethinking what financial literacy means in a digital-first world. Nearly all (96%) believe financial literacy is at least as important as online or media literacy, yet only 43% feel confident in their child's financial knowledge — a clear gap between intention and understanding.
When it comes to what they most want their children to learn, fraud and scam prevention (75%), budgeting (71%), and saving and planning (70%) top the list.
Two-Way Conversations About Money
Facing their worries head-on, parents are responding proactively. Seven in ten parents say their family takes financial literacy more seriously than they did five years ago and 82% say they discuss their own financial successes and challenges with their children, helping to normalize money conversations at home.
Money conversations today are no longer one-way. While the most common teaching methods from parents include chores (46%), allowances (42%), and open talks about investing (41%), more than half (57%) of parents say their children have taught them something new about money, from apps and digital wallets to investing trends.
"Financial skills aren't just passed down – they are developed together. Parents guide their children while also taking the opportunity to learn how younger generations think about saving and spending in a world that is rapidly changing," said Irwin. "This two-way conversation can help create a strong, more informed approach to managing finances and making smart money decisions."
Additional resources for parents and youth
TD offers a number of tools and resources to help Canadian parents build financial literacy skills with their children including:
- Booking an appointment with a TD Personal Banker – a good idea if you're a parent looking to begin your child's saving journey or have a teen who's ready for the next step in their financial journey.
- Online resources and lessons that can help build financial literacy at home for kids as young as three years old up until the age of 18.
- TD MySpend, a money management tool that can help teenagers who have a TD deposit or credit card account create a budget and work towards their saving goals.
- Through the TD Ready Commitment, TD is also proud to support JA Canada's Dollars with Sense program which supports youth across
Canada with financial literacy education.
About the
This survey was undertaken by The Harris Poll Canada from
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