Canadian Parents Struggle to Balance Financial Independence for Kids — Royal Bank of Canada (RBC)

Event summary

87% of Canadian parents say money management is extremely or very important for their children, but 87% also hesitate to give them financial independence.
49% of parents fear their kids will spend money too quickly, while 42% worry about poor spending decisions.
Only 22% of parents expect their child to manage part of the back-to-school shopping budget.
Mydoh's research surveyed 1,000 Canadian parents with children aged 6-17 from August 7-11, 2026.

The big picture

The research highlights a growing need for tools that bridge the gap between parental oversight and youth financial independence. As digital banking solutions like Mydoh gain traction, they could reshape how financial literacy is taught. The findings also underscore broader industry trends toward early financial education, driven by evolving economic realities for younger generations.

What we're watching

Product Adoption: Whether Mydoh can capitalize on parental concerns to drive adoption of its financial education tools.
Behavioral Shifts: How quickly parents transition from hesitation to trusting kids with financial independence.
Regulatory Influence: The pace at which financial literacy becomes a formal part of school curricula in Canada.