Parents Worry About Kids’ Finances but Avoid the Money Talk

If the idea of having “the money talk” with your children makes you uneasy, you’re not alone. A recent RBC poll, Talking Money with Our Kids, highlights widespread concern among Canadian parents about their children’s financial futures and the effect that worry has on family well‑being.

Concern is high, conversations are low

Teenagers and young adults are the age groups where early earning and spending habits form—habits that can shape long‑term financial behaviour. Yet many parents feel these early habits may not be sufficient: 53% of respondents reported feeling anxious about their children’s financial futures, and 71% said that anxiety is affecting their own wellbeing.

Despite those worries, many parents delay or avoid discussions about money. The survey found that 36% are waiting for milestones or the “right” moment to begin money conversations. About one‑fifth are waiting for children to ask questions first, and 16% have not talked about money with their kids at all.

The key takeaway: concern is common, but proactive financial conversations are not.

Related reading: 6 strategies for teaching kids about money

Social media can fuel money anxiety

It isn’t only parents who feel pressure. A separate RBC report from earlier in 2025 found that 64% of Gen Z respondents felt financially behind because of what they saw on social media, and 55% said social media contributed to feeling like they were struggling.

Lucianna Adragna, Vice President, Client Segments, Everyday Banking at RBC, suggests that parents open a dialogue about what their children are seeing online. Talk through social media content and unpack the differences between curated posts and everyday reality. Those conversations can help young people build financial resilience and make sound decisions independent of peer comparisons.

Starting money conversations early makes future topics much easier to handle. Instead of waiting for your child to reach a particular milestone, weave simple financial ideas into everyday discussions and match explanations to your child’s age and maturity.

For younger children, introduce the basic distinction between wants and needs—an essential concept they’ll use as they gain independence. As children mature, introduce budgeting, saving, and the idea of delayed gratification. These topics pair naturally with allowances, chores, or gifts from relatives and offer practical chances to practise saving and spending choices.

When kids are older, involve them in real family financial decisions—planning a vacation budget, comparing the cost of options, or setting a savings goal for a big purchase. These experiences teach financial literacy through participation and help young people develop confidence managing money.

Start conversations early—even if you’re learning, too

Personal finance resources are more plentiful than ever, which can feel overwhelming. You don’t need to be a financial expert to start meaningful conversations with your children. In fact, learning together can be a powerful teaching method.

If you feel unsure about where to begin, Adragna recommends leaning on your bank as a resource. Trusted financial institutions and their staff can explain basic banking concepts and point to age‑appropriate tools and materials. Many banks and credit unions also provide online educational content and apps designed for kids and teens.

For example, RBC’s mydoh app is built for families to manage allowances, chores and simple budgets, helping children practise money management while parents supervise and guide.

As Adragna emphasizes, the most important step is to begin—early and often. Regular, age‑appropriate conversations about money help reduce anxiety, build financial skills and create a foundation for responsible money choices in adulthood. There’s no shame in learning alongside your kids; doing so models lifelong learning and openness about money.

Read more about kids and money:

• Ages 0 to 6: Teaching kids and toddlers about money
• Ages 7 to 12: Teaching kids how to save and avoid overspending
• Student money: Paying for school and maintaining a social life — guide for students and parents