Only 9% of Canadian parents strongly agree their child is prepared to manage money independently when they leave home
TORONTO, May 13, 2026 /CNW/ - Canadian kids are gaining an understanding of money - but there's an opportunity to build the practical skills and confidence needed for future financial independence. That's according to Mydoh's first-ever Financial Resilience Report, which reveals a gap between financial knowledge and real-world readiness among Canadian youth.
The national survey of 1,000 Canadian parents found that while the vast majority of parents report actively teaching their kids about money, just 9% strongly agree that their child is well-prepared to manage money independently when they leave home and transition into adulthood.
"While many families are already having money conversations, the research suggests practical experience remains an opportunity area," said Angelique de Montbrun, Chief Executive Officer at Mydoh. "Financial confidence is built through everyday habits and hands-on learning. When kids and teens have the chance to practice managing money early, they build skills that can stay with them for life."
Mydoh is designed to help kids and teens build those skills through real-world experiences, including earning, saving, spending and managing money, with parent oversight built in.
Knowledge Is Strong - But Action Is Inconsistent
Financial resilience is defined as not only how well kids understand money, but also their ability to apply that knowledge confidently in real-life situations.
Mydoh's new report highlights a disconnect between the two parts of this equation.
- 90% of parents say they talk regularly with their kids about money
- 83% say their child understands saving for a goal
- But only 64% say their child regularly works toward those goals - a 19% gap between understanding and action
"Financial resilience isn't built by knowing what to do with money - it's built by actually doing it," said Vanessa Bowen, CPA and Founder of personal finance coaching platform Mint Worthy. "When kids are actively involved in earning, saving and spending decisions, they develop the skills and confidence they need to make better financial decisions over time."
Everyday Habits Reveal How Kids Are Learning
The report also reveals how these gaps show up in kids' everyday money habits:
- Only 55% of kids are handling money independently before age 12 - such as making purchases, managing allowance or deciding how to spend savings
- 16% of Canadian parents say their kids have never experienced the feeling of running out of money when they can't afford something they want
- 1 in 5 Canadian parents say they step in to fix the situation when their child makes a money mistake (like buying something impulsively and then regretting it)
Building Financial Resilience Through Real-World Experience
To help close the gap, Mydoh is working with Bowen to develop a Practice-to-Confidence Playbook, outlining four simple ways parents can help their kids build financial resilience:
Make it real: Give kids hands-on experience with earning, spending and saving money in everyday situations.
Make it collaborative: Set aside five to ten minutes each week to review spending, savings or a simple financial decision as a family.
Make space for mistakes: Only 46% of parents say they talk through what went wrong when their child makes a financial mistake. Creating space to reflect helps kids build confidence, learn from experience and develop the resilience to make better decisions over time.
Keep the conversation open: More than 1 in 5 parents worry money conversations will cause stress in their kids. But avoiding the topic can mean missed learning opportunities. Open, low-pressure discussions can help children feel more comfortable talking about money and build confidence over time.
"When kids have the opportunity to make decisions, learn from mistakes and try again, they build the confidence and capability to manage money independently," added Bowen.
To view the full version of Mydoh's Canadian Financial Resilience Report and access tips from Vanessa Bowen, visit mydoh.ca/learn/financial-resilience-report/.
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.
About the Study
These findings are based on an Ipsos survey conducted on behalf of Mydoh between March 30 and April 2, 2026, among 1,000 Canadian parents of children aged 6–17. Results were weighted to reflect the Canadian population. The survey has a credibility interval of ±3.8 percentage points, 19 times out of 20.
About RBC
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 101,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada's biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our more than 19 million clients in Canada, the U.S. and 27 other countries. Learn more at rbc.com.
We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/peopleandplanet.
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:
Holly Lobsinger, Craft Public Relations (for Mydoh)
holly@craftpublicrelations.com | 902-717-8582
SOURCE RBC
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2026/13/c9018.html