Kids don't understand money, say parents

Ontario parents want financial literacy to be taught in high schools, according to an Investor Education Fund study.

Read: Most think they’re financially literate

Parents were asked how they viewed the importance of their child learning how to manage money and whether or not it’s important this lesson be taught in school. Half of respondents were not sure whether financial education was part of their child’s schooling, and most respondents have taught their child some of the fundamentals about managing their money at home.

Despite parents teaching their kids money lessons at home, they are not satisfied that their kids are sufficiently prepared to manage money after high school. Few parents see high schools making an effort to teach what almost all agree are important lessons.

Key findings

Only 40% of respondents believe that their child is ready to manage their own money after high school. These parents have typically taught their children more about financial matters than other parents.
9 out of 10 parents think learning how to manage money is an important skill for their teens. Those who think it is most important also teach their kids more about managing money.
2 out of 10 parents believe Ontario is building financial education into high school courses. Approximately 3 out of 10 believe it is not offered at all. Parents who are sure financial education is taught in high school are more likely to believe their kids are prepared to manage money after high school (63% versus 40%).

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