TORONTO, Aug. 16, 2022 /CNW/ – It wasn’t always easy for parents and children to have the “money talk”. Once seen as a taboo conversation for children, the tides have started to turn when it comes to the cold hard truth about cold hard cash, according to a new survey* from the PC Financial® team conducted ahead of this year’s back-to-school season. Families are talking more about the importance of budgeting and finances to their children at a much younger age than before. Three-in-five (60%) respondents aged 18-24 (“youth”) surveyed say they first learned about basic finances before the age of 16, compared to only half (48%) of respondents aged 40 + (“parents”).
Having “the money talk” these days seems to be a more normal conversation across households, with nine-in-ten (89%) parents reporting they began discussing finances and basic money management with their children by the time they turned 16. The survey also examined Canadians’ comfort levels and their confidence with basic financial management, like how to budget and save. Nearly nine-in-ten parents (87%) felt they were setting a positive financial example for their children, and three-quarters of youth (77%) said their parents’ money habits have positively influenced how they manage their money today.
“Canadian families are telling us they are open to having the “financial talk” with their children at a much younger age than previous generations, to help them plan smarter for a better future,” explains Carola Corti, SVP & General Manager of Payments at PC Financial®. “The PC Financial® team understands the importance of learning healthy financial habits early, and to help support families, we’ve lowered the minimum age requirement for our no monthly fee PC Money™ Account to 16 years old. PC Financial® products are a great way to get rewarded, and to make your dollar go further this back- to-school season.”
- Half of parents (47%) surveyed say they were aged 16 or older when they first learned about basic finances.
- Parents (63%) and youth (68%) surveyed are about equally likely to have first learned about finances from their parent or guardian.
- Youth (35%) are significantly more likely than parents (28%) to find relevant information about finances through websites.
“Talking about finances is getting easier because youth are embracing the many tools and tips available at their fingertips. Kids have access to more information than any previous generation,” says Jackie Porter, Certified Financial Advisor. “Back-to-school season is the perfect time of year for parents to check-in with their kids to help them to gain a better understanding of money as they embark on their new journey.”
- Three-quarters of youth surveyed (77%) say their parents’ money habits have positively influenced how they manage their money today.
- Interestingly, according to the survey, youth (85%) are significantly more likely than parents (77%) to be confident in their ability to save money.
- The vast majority of youth (85%) say they are comfortable talking to their parents or guardians about finances.
“It’s great that families are having these conversations and making these important, informed decisions together,” says Porter. “It’s crucial to have the right conversations about how to save money and budget. We need to teach kids how to monitor what is going in and out of their accounts. The PC Money™ Account helps stretch your dollar further and rewards you for doing it. It’s the perfect card to set up families for success this back-to-school season when budgeting for groceries, gas, and other essentials.”
Getting ready for the new academic year can be financially challenging especially with the rising cost of everyday expenses. Every year brings a new learning opportunity for students, like understanding how to budget by opening a spending account, to learning how to track spending. Canadian students deserve banking options that reward them and helps them manage their money while stretching their dollar further.
PC Financial® offers smart online tools and products to assist families, including:
- PC Mastercard, a no annual fee credit card that earns you PC Optimum points on every purchase, everywhere you shop.
- PC Money™ Account, a no monthly fee spending account that earns you PC Optimum™ points everywhere you shop. Now open to youth 16 years and older.
- PC Financial® App, a mobile app that provides access to your PC Financial® product details from anywhere, breaks down spending habits by category or time period, and provides access to your PC Optimum™ weekly offers and points balance.
- PC Financial® Blog, that hosts articles on financial topics, like how to maximize your rewards with the PC Money™ Account to tips on how to lessen inflation on your finances.
SOURCE President’s Choice Financial