Parents are fearful about their kid’s financial future but avoid talking about money

Concern is high, conversations are low

During teenage and young maturity, children begin to earn money and develop their first financial habits. However, many parents worry that these habits aren’t enough: 53% say they worry about their kid’s financial future, and 71% say stress is affecting their very own well-being.

Despite this great concern, many don’t refer to their children about money. Survey results found that 36% wait for milestones or the proper moment to present themselves. About a fifth of respondents wait for youngsters to ask questions on specific money topics, and one other 16% didn’t speak about money in any respect.

The takeaway? Most parents don’t take a proactive approach when discussing money.

Related Reading: 6 strategies to show children about money management

Social media can fuel fear of cash

It’s not only parents who’re afraid of cash. Another RBC report from early 2025 found that 64% of Gen Z respondents said they felt financially behind based on what they saw on social media. More than half (55%) also said social media made them feel like they were struggling.

Lucianna Adragna, Vice President, Client Segments, Everyday Banking at RBC, says among the finest things you possibly can do as a parent is to refer to your child about what they see on social media. By discussing their concerns together, you may also help your child change into more financially confident in order that they usually are not influenced by what others say on social media.

Talking about money when your kids are young, fairly than waiting for milestones in young maturity, will make it easier so that you can tackle almost any money topic. Try to generate profits a natural a part of the conversation and tailor it to your child’s age.

For example, you possibly can explain to young school children the difference between wants and desires – something they may definitely need to distinguish as young adults. As your kids get a little bit older, you possibly can explain concepts like budgeting and saving. These are great topics to deal with should you pay allowances to your kids or in the event that they receive money from relatives for vacations.

As your kids become old, try including them in conversations about money or big purchases, corresponding to a family vacation. By being profitable a natural topic of conversation, you’ll teach your kids financial literacy, which is able to help them change into more confident with their money.

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Start conversations early – even should you’re still learning

There are more resources than ever to find out about personal finance, and it will probably all be a little bit overwhelming. But you haven’t got to be an authority to refer to your kids about money.

If you are unsure where to begin or have questions on money yourself, Adragna recommends: “Rely on your bank.” Ideally, you could have a trustworthy financial institution that you just bank with. She points out that any bank representative could be willing to clarify banking concepts you are unfamiliar with, which might aid you change into more confident when talking to your kids.

Additionally, major banks and credit unions often offer educational resources on their web sites, and lots of offer apps specifically tailored to children. Adragna highly recommends RBCs mydoh appspecially designed for youngsters and young people. You can have conversations about allowance, chores, and budgeting while giving your kids responsibility for their very own money.

As Adragna says, “The most important thing is to talk about money early and often.” And remember: There’s nothing incorrect with learning about money together with your kids.

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About Jessica Gibson

Jessica Gibson is a private finance author with over a decade of experience in online publishing. She enjoys helping readers make informed decisions about bank cards, insurance, and debt management.