One-third of parents who participated in the survey believe that their children are prepared to avoid the same financial difficulties that they had when they were younger. This percentage is just 35 percent. The 19th of July, 2023, and CNW-Toronto In the midst of the ongoing struggle against inflation and unstable economic conditions, a significant number of Canadians are concerned about the affordability and unpredictability of their financial situation. A recent poll conducted by TD Financial Institution Group found that Canadian parents are concerned about the financial future of their children.
In fact, nearly three-fifths of Canadian parents (58%) report that they are constantly concerned about the future of their children. Furthermore, the vast majority of parents (89%) believe that they would be more inclined to feel confident about their children’s future if they had better financial information when they were younger.
According to the findings of the poll, parents in Canada, who make up sixty-six percent of the population, are typically not very confident about the financial information of their children for the age at which they are now living. As a consequence of a lack of financial education throughout their own upbringing, the majority of parents (exactly sixty percent) admit that they have made mistakes with their finances.
“Our survey reveals that seventy percent of Canadian parents do not feel very ready to assist their children’s financial literacy at home,” said Emily Ross, Vice President of the TD Recommendation Journey. “This is a significant finding,” she said. “We are here to assist parents and children on their road to developing healthy financial habits. We understand that it may be difficult to find the time and even know where to begin, and we are here to help them in this endeavor. In our branches, TD provides activities that are meant to make banking more interesting for young people. These activities include digital resources, academic guidance, a checking account for young people and college students, and budgeting tools.
Extra results from the survey
In addition to the data shown above, the TD poll also showed the following points:
The majority of parents in Canada believe that teaching their children how to create a budget (73 percent) and how to save money (72 percent) are the two most important financial principles that they should be taught at this time. At the present time, the two most important financial foundations that should be taught to children are the concepts of saving money and budgeting. Despite the fact that just 29 percent of Canadian parents talk about finances with their children on a weekly basis, it seems that parents in Canada do not prioritize having regular conversations with their children about personal or household finances.
“It is never too early to start talking about money, and there are actions that parents can take right now that are simple and straightforward to help improve their children’s financial knowledge. Our recommendation to parents is to keep the conversation at an appropriate age, to talk openly and honestly about money, and to support their children in distinguishing between desires and necessities,” Ross added.
Are you looking for further ideas when it comes to how to talk to your children about money?
Internet-based resources are available from TD to help parents prepare for talks about finances with their children of varying ages. These conversations may take place with their children.
Additional sources for teenagers and older people
It is in regard to the TD Survey.
The results are mostly based on the results of a Maru public opinion poll that was conducted as part of TD Financial Institution Group and was conducted online between June 8 and June 13, 2023. This survey was completed by a sample of 1,008 Canadian mothers and fathers who were selected at random, who have children under the age of 18, and who were also members of the online panel for Maru Voice Canada.
The pattern and knowledge assortment professionals at Maru/Blue were the ones who carried out this Maru public opinion survey. The survey was carried out on behalf of the TD Financial Institution Group. Beginning on June 8 and continuing until June 13, 2023, a survey was administered to 1,008 Canadian mothers and fathers who were selected at random and are members of the Maru Voice Canada online panelist community.
According to the information provided by the Census, the findings of this study have been weighted according to gender and geographic location. For the purpose of determining comparability functions, a probability pattern of this dimension has an estimated margin of error (which represents sample variability) of +/- 3.1%, 19 times out of 20. The rounding process is responsible for any differences in totals or between totals that are seen when compared to the information tables.
The TD Financial Institution Group: An Overview
It is common practice to refer to the Toronto-Dominion Financial Institution and its subsidiaries as the TD Financial Institution Group (sometimes abbreviated as “TD” or “the Financial Institution” from time to time). TD is the sixth largest financial institution in North America by property and serves over 27.5 million clients in 4 key companies working in plenty of areas in monetary centers across the globe: Canadian Private and Business Banking, together with TD Canada Belief and TD Auto Finance Canada; U.S.
Retail, together with TD Financial institution, America’s Most Handy Financial institution®, TD Auto Finance U.S., TD Wealth (U.S.), and a funding in The Charles Schwab Company; Wealth Administration and Insurance coverage, together with TD Wealth (Canada), TD Direct Investing, and TD Insurance coverage; and Wholesale Banking, together with TD Securities. In addition, TD is one of the most prominent online financial services companies in the world, with more than sixteen million active customers who use the internet and mobile devices. On April 30, 2023, TD possessed a total of $1.9 trillion worth of property. Trades are conducted on the Toronto and New York Stock Exchanges using the symbol “TD,” which stands for the Toronto-Dominion Financial Institution.
TD Financial Institution Group is the source.