Canadian Parents Want Kids to Build Money Skills - But Struggle to Give Them Independence

Canadian Parents Want Kids to Build Money Skills - But Struggle to Give Them Independence

New Mydoh research reveals 87 per cent of Canadian parents agree money management is a vital skill, yet most hesitate to hand over responsibility

TORONTO, Aug. 26, 2026 /CNW/ -- With fresh routines and responsibilities, the back-to-school season offers critical learning opportunities to prepare kids for the year ahead. These learning opportunities include an essential life skill: managing money on their own. Canadian parents want their kids to grow up financially confident. But when it comes to handing over responsibility, many are hitting the brakes. New research commissioned by Mydoh reveals a disconnect: 87 per cent of Canadian parents say it is extremely or very important for their child to build money management skills during the school year, including half (50 per cent) who say it is extremely important. However, nearly nine-in-10 parents (87 per cent) say they have at least one hesitation when it comes to giving their child greater financial independence.

The findings highlight a fundamental challenge for families: kids can't learn to manage money independently if they don't have the opportunity to practice it. Among their biggest concerns:

• Their kids will spend money too quickly: 49 per cent
• Their kids will make poor spending decisions: 42 per cent
• Their kids will be scammed or make unsafe online purchases: 33 per cent
• Their kids aren't mature enough yet: 23 per cent

For parents, the challenge is balancing their kids' growing financial independence with the guidance to develop healthy financial habits. For kids, these skills ensure they can build financial resilience in a changing economy as they transition into adulthood – but it requires them to understand the real-world impact of their financial decisions.

"Parents understand that money management is a skill their kids need for life - but knowing that and feeling comfortable handing over responsibility are two very different things," said Angelique de Montbrun, Chief Executive Officer of Mydoh. "The intention isn't to give kids unlimited freedom with money. It's to give them the right amount of independence, with the right amount of guidance, so they can learn from real decisions while the stakes are still low."

Building Financial Independence, One Decision at a Time
The research suggests many Canadian parents are already giving their kids opportunities to make real-world financial decisions. Two thirds (67 per cent) expect their child to save up for something they want during the school year, while 61 per cent expect them to manage their own spending money and 57 per cent expect them to make small purchases independently.

But as the level of responsibility increases, parents appear more reluctant to hand over the reins. Less than a quarter (22 per cent) expect their child to manage part of the back-to-school shopping budget, while just 13 per cent expect them to make purchases online independently.

"Financial independence isn't something kids suddenly become ready for - it's something they build through experience," said Vanessa Bowen, CPA and Founder of personal finance coaching platform Mint Worthy. "Parents can start with decisions that feel manageable and gradually give their kids more ownership as their confidence and judgment grow. Apps like Mydoh give families a practical way to manage this transition, letting kids practice real-world decision-making within safe, defined boundaries."

To help parents turn everyday money moments into opportunities for practice, Bowen shares a few ways to build kids' financial confidence while keeping appropriate guardrails in place:

Start small, then scale up: Every new school year brings new responsibilities, and financial responsibility can grow alongside them. Start with simple choices - like distinguishing between wants and needs, comparing prices or managing Friday lunch money or certain school purchases - and increase responsibility over time. Tools like Mydoh's Spend and Save Buckets can help kids see how much they have available to spend, while in-app Savings Goals give them a tangible reason to put some of their money aside.

Let the small money mistakes happen: Nearly one-in-five parents (19 per cent) say they find it difficult to step back and allow financial mistakes. But a low-stakes mistake can be a valuable part of learning. If they spend too much on one item or regret a purchase later, parents are encouraged to resist the urge to immediately fix it. Instead, talk through what happened, what they might do differently next time and how that choice affected the money they had left.

Hand over part of the back-to-school budget: Just 22 per cent of parents expect their child to manage part of the back-to-school shopping budget this year. Rather than putting them in charge of everything, give them ownership of one piece - whether that's deciding how to spend a set amount on school supplies, comparing options or keeping track of what's left. Working within a real budget gives kids a chance to weigh trade-offs and learn that spending more in one place can mean having less for something else.

Pair independence with guardrails: As kids become ready to take on bigger purchases or start shopping online, agree on a few simple rules together - like what they can buy independently, when they need to check with a parent and how to recognize a suspicious website or offer. Tools like Mydoh's Smart Cash Card can give kids a way to practice making their own spending decisions within set limits, while parents can stay informed about their activity in real time. The goal is to give kids room to make decisions while helping them recognize when to ask for help.

By pairing expert advice with Mydoh's built-in safety controls, parents can turn everyday back-to-school moments into a launchpad for lifelong financial stability.

For more of Vanessa's back-to-school money-management tips and to learn how Mydoh supports family money routines, visit: https://www.mydoh.ca/learn/blog/education/how-to-build-kids-financial-independence-this-back-to-school-season/.

This is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. The information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates

Survey Methodology
These findings are drawn from an online survey conducted by Prodege from August 7-11, 2026, on behalf of Craft Public Relations, commissioned by Mydoh. The survey included a total of 1,000 Canadian parents with children ages 6-17. Respondents reflect the natural demographic distribution of members of Prodege's research panel, except for the quotas used to ensure that n=200 responses were collected from Quebec to enable reliable segmentation of the results by region. No other demographic quotas or post-survey methodologies were applied. At a sample size of 1,000, the margin of error for the study is ±3.1 percentage points at a 95 per cent confidence level, though margins of error are higher among subsets of the population. All sample surveys and polls may be subject to other sources of error, including, but not limited to, coverage error and measurement error.

About RBC
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About Mydoh
Since 2021, Mydoh has been committed to helping parents raise money-smart youth. Mydoh began with the shared belief that money management isn't something you are taught, as much as something you learn through experience – and that experience should start early. Mydoh has championed this belief since its inception and with it, has been able to help more than 300,000 Canadians build a more solid financial foundation for the next generation. Mydoh is a part of RBCx – the tech and innovation banking arm of RBC.

For more information, please contact:
Nicole Grossman, Craft Public Relations (for Mydoh)
Nicole@craftpublicrelations.com | 647-986-1266

SOURCE RBC Royal Bank