Alberta parents very concerned about their children's financial future: poll

Alberta parents concerned about the economy are even more anxious about its impact on their children's lives, a new poll suggests.

A recent survey by the TD Bank Group found that nearly half (46 per cent) of Alberta parents are expected to continue to support their children as they continue into adulthood.

However, despite this decision, the survey also suggested 77 per cent of respondents in Alberta didn't think they had the financial means to accomplish this.

"In looking to the future, seven in 10 Canadian parents polled believe their child will face greater financial challenges in life than they did, especially when it comes to achieving major financial milestones," TD said in a news release.

• Sign up for breaking news alerts from CTV News, right at your fingertips
• The information you need to know, sent directly to you: Download the CTV News App

Among the concerns are homeownership (77 per cent), retirement savings (57 per cent), paying for groceries (53 per cent) and supporting a family (49 per cent).

But the survey did reveal the good news that aside from covering bills, more Canadian parents are having conversations with their children about finances in order to better prepare them for the future.

"These discussions lay the groundwork for financial literacy, helping to equip the next generation with the knowledge and skills to make informed financial decisions as they grow," said Emily Ross, vice-president of Everyday Advice Journey at TD.

"By fostering an open dialogue and speaking with their children about money, parents are not just teaching their kids about saving and budgeting, they're helping to empower them to build a more secure financial future."

Three-in-five Alberta parents say they are having more conversations about finances with their children, and more than seven-in-10 (72 per cent) believe their children would face greater challenges than they did, the survey found.

Start teaching kids early about money

Jessica Moorhouse, an accredited financial consultant, says the open communication between parents and kids is key to a solid financial future.

"A lot of us grew up in a household where you weren't allowed to talk about money, don't ask about what your parents earned or anything like that," she told CTV Morning Live on Thursday.

"It made it a little bit more complicated when we became adults, and we didn't know what questions to ask and might not have had the skills we wish we did early on."

Moorhouse says parents today should start those conversations with their children as soon as they can understand the concept of money.

That's to make sure they build the necessary skills to handle money and feel comfortable reaching out with any concerns.

One of the most effective tools to illustrate the value of money in children is giving them an allowance, Moorhouse said.

"(An allowance) will get them comfortable with using money themselves, have some autonomy and make some choices. We make some mistakes and learn lessons from those mistakes and just learn skills that they're going to use for the rest of their lives."

New tools for financial literacy

In today's cashless society, Moorhouse says many are shifting away from piggy banks and adopting new systems to help handle allowances.

She says MyDoh is one such app that both parents and children can use to help broach the difficult topics of spending, earning and budgets.

"Basically, for me, this app really mimics what us, as adults, do with online banking, tracking our spending and keeping the family budget organized."

The TD survey found that Canadian parents would feel less concerned about their children's finances only when they have a steady income (60 per cent), they control their spending (48 per cent), they start saving money (46 per cent) or they can afford to buy a home (38 per cent).

The online survey, conducted by Maru Public Opinion, polled 1,232 randomly selected Canadian adult parents with at least one child under 18 years old in their household between Sept. 26 and Oct. 1.

For comparison purposes, a probability sample of this size has an estimated margin of error (which measures sampling variability) of +/- 2.8 per cent, 19 times out of 20.