Times are changing: 89% of parents surveyed discuss finances with their children under 16
TORONTO, August 16, 2022 /CNW/ – It hasn’t always been easy for parents and children to have that famous discussion about money. Things are starting to change in the face of the unrelenting reality of money, once considered a taboo topic of conversation for children, according to a new survey* from PC Financial ServicesMD conducted shortly before the start of the school year. Families are talking more about the importance of budgeting and finances with their children at a much younger age than before. Three in five (60%) respondents aged 18-24 (“young”) say they learned the basics of finance before the age of 16, compared to only half (48%) of respondents aged 40 and more (“parents”).
Talking about money seems more normal within families, with nine in ten parents (89%) saying they started discussing finances and the basics of money management with their children when they reached the age of 16 years old. The survey also looked at people’s comfort level with the basics of money management, such as how to budget and save money. Nearly nine in ten parents (87%) believe they set a good example when it comes to finances for their children, and three-quarters of young people (77%) said that their parents’ habits have positively influenced the way they manage their money today. today.
“Families tell us they are open to talking about money with their children at a much younger age than previous generations, to help them plan smarter for the future,” says Carola Corti, senior vice president and director General, Payment Method for PC Financial ServicesMD. « The PC Financial Services TeamMD understands the importance of building healthy financial habits early, and to help families, we’ve lowered the minimum age to open a PC Money Account to 16CM no monthly fees. PC Financial Services productsMD are a great way to earn rewards and get more bang for your buck come back to school. »
A Changing Paradigm: Educate Early
- Half of parents (47%) surveyed say they were 16 or older when they were exposed to basic financial knowledge.
- Both parents (63%) and young people (68%) surveyed say they are likely to have first of all heard about finances from their parent or guardian.
- Young people (35%) are much more likely than their parents (28%) to find relevant financial information through websites.
“Talking about finances is becoming easier as young people consult the many tools and advice available to them. Young people today have access to more information than any other generation,” says Jackie Porter, Financial Advisor. “Back to school is a great time for parents who want to help their children have a better understanding of money as they embark on a new chapter in their lives. »
Developing strong money habits in young people:
- Three-quarters of young people surveyed (77%) say their parents’ money habits have had a positive influence on how they manage their money today.
- Interestingly, according to the survey, young people (85%) feel much more confident than their parents (77%) about their ability to save.
- The vast majority of young people (85%) say they are comfortable discussing finances with their parents or guardians.
“It’s great to see families having these conversations and making important, informed decisions together,” says Jackie. “Having the right conversations about saving and budgeting is key. We need to teach kids how to monitor what goes into their account and what goes out. The PC Money AccountCM helps you get more for your money in addition to rewarding you in return. It’s the perfect card to help families get through back-to-school time and budget wisely for groceries, gas and other essentials. »
Getting ready for the new school year can be tough financially, especially with the rising cost of daily expenses. Each year, students have a new opportunity to learn, such as understanding how to budget by opening a checking account or learning how to track their expenses. Students deserve banking options that reward them and help them manage their money while maximizing it.
PC Financial ServicesMD offer smart online tools and products to help families, including:
- The President’s Choice Mastercarda credit card that allows you to earn PC Optimum points for every purchase everywhere you shop.
- the PC Money accountCMa checking account with no monthly fees that lets you earn PC Optimum pointsCM everywhere you shop. Now accessible to young people aged 16 and over.
- L’PC Financial Services applicationMDa mobile app that lets you view transaction details through PC Financial ServicesMD wherever you are, lists your spending by category or period and gives you access to your weekly PC Optimum offersCM and your points balance.
- the blog PC Financial ServicesMDwhich contains articles of a financial nature, including how to maximize your rewards with the PC Money AccountCM and advice on how to reduce the impact of inflation on your finances.
* About the survey
This data is taken from a survey conducted by the PC Financial Services teamMD July 22-25, 2022 to 1,025 Canadians who are members of the Angus Reid Forum online. Of these people, 670 were parents of children between the ages of 16 and 24 and 355 were young people between the ages of 18 and 24. The survey sample is representative of the weight of the different regions. The survey was conducted in English and French.
The accuracy of Angus Reid Forum online polls is measured using a credibility interval. In this case, the poll is accurate to within +/- 3.1 percentage points, 19 times out of 20, if all Canadians had been polled. All surveys and samples may be subject to other forms of error, including coverage and measurement errors.
About the Angus Reid Forum
The Angus Reid Forum is the most recognized and respected online community of opinion in the Canada. It is made up of engaged residents across the country who respond to surveys on current issues that matter to all Canadians.
About President’s Choice Financial
President’s Choice Financial ServicesMD offer unprecedented value to customers, simplifying financial products to help Canadians “Live Well, Live FullMD “. Thanks to the Mastercard cardMD President’s ChoiceMD and PC Money AccountCMCustomers Avoid Bank Fees and Have Earned Over $1 Billion in PC Optimum PointsCM redeemable for cosmetics, groceries, gasoline, clothing and other products. The company is committed to being one of the most diverse and inclusive employers in the Canadawhich it is committed to reflecting in its workforce and culture.
Founded in 1998, President’s Choice Financial ServicesMD are part of Loblaw Companies Limited. For more information, visit pcfinancial.ca/en/.
SOURCE PC Finance