Money Management: Are You Helping or Hurting Your Children?
CALGARY, Nov. 13, 2013
Almost half (44%) of Canadian parents are concerned about how their
children would be affected if they weren't able to reduce their amount
CALGARY, Nov. 13, 2013 /CNW/ - With the school year in full swing and
the holidays right around the corner, financial strains are at the
forefront of many Canadian families' minds. A new study of Canadian
parents conducted by Ipsos Reid on behalf of MNP Ltd., reveals that
while most parents believe they are more than competent financial role
models for their children, a sizeable portion believe that how they
handle their finances is having a negative impact on their children.
More than half (56%) of Canadian families avoid discussing family
finances, including financial problems with their children. In
addition, three in four parents noted that their children do not ask
questions about money and the family finances. This opens up a door for
parents to begin teaching their children about money management. Across
Canada, November is Financial Literacy Awareness month; an initiative
strongly encouraged by MNP Ltd. The goal is to get parents talking to
their children about family finances before financial strains adversely
affect their children's future.
"Engaging youth early is key to ensuring poor money management habits do
not form," says Grant Bazian, President, MNP Ltd. and bankruptcy
trustee. "By the time we see individuals in the bankruptcy process it's
often too late. Proper financial literacy skills learned early on could
help a substantial number of Canadians avoid financial difficulties,
including bankruptcy and insolvency later in life."
While many parents consider themselves effective money managers and role
models, this does not mean that a sizable segment of parents don't have
their fair share of concerns. One of the biggest concerns is the effect
of a parent's money strain on their relationship with their children.
One in five (20%) agree that their relationship with their children has
been impacted or strained by their current financial situation.
"Our goal is to provide a sense of urgency to parents; we encourage them
to address their financial issues and talk to their children about
money management to ensure lifelong financial literacy," says Bazian,
President, MNP Ltd.
Other Survey Highlights:
One quarter (23%) of parents agree that their children asking them
questions about money and the family finances causes them anxiety.
Two in five (36%) of Canadian parents feel their current financial
situations are affecting their children's perception of money
One in ten Canadian parents either regularly have a hard time making all
debt payments on time (7%) or have fallen behind on their debt payments
More than half (63%) are concerned with the costs of their children's
post-secondary education and how it will affect their current level of
Background about the study
The poll was conducted by Ipsos Reid for MNP Ltd. between September 18th to 24th, 2013. A sample of 1,002 Canadian parents (485 fathers and 417
mothers) was surveyed in an online interview. This poll is accurate
within +/- 3.5 percentage points 19 out of 20 times.
About Financial Literacy Awareness Month The Financial Literacy Action Group (FLAG) is a coalition or seven
organizations that work to assist and improve the financial literacy of
Canadians. The participating organizations are:
ABC Life Literacy Canada Canadian Foundation for Economic Education (CFEE) Credit Canada Debt Solutions Financial Planning Standards Council (FPSC) Investor Education Fund (IEF) Junior Achievement Social and Enterprise Development Innovations (SEDI)
About MNP Limited
For more than 50 years, MNP Ltd. has helped individuals resolve their
financial problems by offering life-changing debt solutions tailored to
each person's unique situation. With government licensed Trustees
located in more than 70 offices in British Columbia, Alberta,
Saskatchewan, Manitoba, Quebec and Ontario, MNP Ltd. offers great depth
of Canadian consumer and corporate insolvency expertise to those
experiencing financial difficulty. For more information, visit www.MNPdebt.ca.