Parents in British Columbia have some work to do to educate their kids about responsible spending and saving.
Just 18% of B.C. parents say they speak with their children about money, finances, budgets and savings, according to an Ipsos Reid poll on Canadians’ financial habits commissioned by credit unions.
That compares with 44% of Canadian parents who say they’ve broached the topic with their kids.
Sixteen per cent of Canadian parents surveyed said they involve their children in money management decisions, compared with 8% of B.C. residents.
B.C. parents were also more likely to say their children do not save any money each month, at 84%, compared with 67% of Canadian parents.
On many of the other survey questions, however, B.C. residents’ responses were similar to the national response.
Sixty per cent of Canadians surveyed — and 59% of British Columbians — said that their current level of debt does not allow them to save as much as they would like, while 31% of Canadians said they are unable to save any money at all.
Canadians believe banks and credit unions should help out: 73% of survey respondents said they agreed that financial institutions have a responsibility to help their customers improve their financial future. Sixty-two per cent said they thought specially designed banking products could help young people develop better money skills.
The survey included 1,527 respondents across Canada, including 431 parents, and is considered accurate within plus or minus 2.9 percentage points.
