Canadian parents are talking to their children about money more frequently, but girls remain less confident than boys in managing their finances, according to a new TD survey that highlights differences in how young Canadians view and learn about money.
The survey, released ahead of Financial Literacy Month, found that 81 per cent of parents discuss financial topics with their children at least monthly, compared with 47 per cent of adults who recalled having similar conversations growing up. However, two-thirds of parents said they find it difficult to discuss money with their children, while girls consistently reported lower confidence levels than boys.
Children show early interest in financial topics
The survey found that 80 per cent of children aged six to 17 are interested in money-related topics, including 78 per cent of children aged six to nine. The findings suggest that interest in financial literacy begins well before the teenage years, when children start gaining experience with saving, spending and purchasing decisions.
Despite that interest, 66 per cent of parents surveyed said they have difficulty talking about money with their children, particularly when trying to make the discussions relevant and age-appropriate.
"It's encouraging to see financial conversations becoming a regular part of family life across Canada," said Joe Moghaizel, vice-president, Everyday Advice Journey at TD. "When parents talk openly about money, they help build the foundation for healthy financial habits that can last a lifetime. Our findings show that young Canadians are eager to learn and families have an important opportunity to ensure that confidence grows alongside that curiosity for every child."
Survey finds differences in confidence between boys and girls
The survey identified a gap in financial confidence across age groups. Overall, 22 per cent of boys said they were very confident with money, compared with 13 per cent of girls. Among teenagers, 85 per cent of boys reported feeling confident managing money, compared with 75 per cent of girls.
Boys were also more likely to say they knew a lot about money, at 19 per cent compared with 12 per cent of girls. In addition, 23 per cent of boys strongly agreed that they were good with money, more than twice the 10 per cent of girls who said the same.
The differences extended to financial anxiety. Among teenagers aged 14 to 17, 21 per cent of girls said thinking about money made them worry, compared with 14 per cent of boys.
At the same time, most respondents recognized that financial ability is not limited by gender. The survey found that 61 per cent of girls and 57 per cent of boys strongly agreed that boys and girls can be equally good with money.
Girls favour practical learning and guidance
The findings suggest that opportunities to learn from others could help address the confidence gap. About 63 per cent of girls said learning from others would help them feel more confident about money, compared with 54 per cent of boys.
When asked about their preferred ways to learn, 56 per cent of girls identified talking about money with a parent, guardian or trusted adult. Another 52 per cent favoured practising through real-life situations, such as saving for something they wanted, while 48 per cent identified learning about money at school.
Learning from someone who explains financial concepts in a simple way was cited by 45 per cent of girls.
"One of the most important findings from this research is that confidence with money isn't developing equally among young Canadians," said Moghaizel. "Building financial confidence is just as important as building confidence in other areas of life. Parents, educators and financial institutions all have a role to play in creating supportive and practical learning opportunities to help every young person build the skills and confidence to make informed financial decisions."
TD said parents can make financial discussions more relevant by connecting them to everyday activities, including comparing prices, planning small purchases and saving toward specific goals. Practical experiences, open conversations, positive reinforcement and opportunities for independent decision-making can also help children develop confidence over time.
TD said the findings point to progress in making financial discussions a more regular part of family life, while highlighting the need to ensure young Canadians, particularly girls, have opportunities to develop financial knowledge and confidence from an early age.