Parents worry about kids’ financial future but avoid talking about money

High attention, low conversation

The teenage years are the time when kids start making money and develop their first financial habits. But many parents worry these habits aren’t enough: 53% say they feel anxious about their children’s financial future, and 71% say stress is affecting their own happiness.

Despite this level of concern, many people don’t talk to their children about money. The survey results found that 36% of people are waiting for a milestone or the right time to reveal themselves. About one-fifth of respondents are waiting for children to ask about specific money topics, and another 16% have not talked about money at all.

takeout? Most parents don’t initiate conversations about money issues.

Related reading: 6 Strategies for Teaching Your Kids About Money

Social media may exacerbate money anxiety

Parents aren’t the only ones who feel anxious about money. Another report from Royal Bank of Canada in early 2025 noted that 64% of Gen Z respondents said they felt financially left behind based on what they saw on social media. More than half (55%) also said social media made them feel like they were struggling.

One of the best things you can do as a parent is talk to your kids about what they see on social media, said Lucianna Adragna, RBC’s vice president of daily banking client segments. By discussing their concerns together, you can help your children become more financially confident so they aren’t swayed by what their peers say on social media.

You’ll find that almost any money topic will be easier to discuss if you discuss money when your children are young rather than waiting until they are adults. Try to make money a natural part of the conversation and tailor it to your child’s age.

For example, with younger schoolchildren, you could explain the difference between wants and needs – something they will certainly need to distinguish as young adults. As your children get older, you can explain concepts like budgeting and saving. When you pay your child an allowance, or they receive holiday money from a relative, these are great topics to discuss.

As your children get older, try to involve them in discussions about money or big purchases, such as family vacations. By making money a natural topic, you teach your children financial literacy, which can make them more confident about handling money.

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Start the conversation early—even while you’re learning

There are more resources than ever for learning about personal finance, and all of them can be a little overwhelming. But you don’t have to be an expert to start talking to your kids about money.

If you’re not sure where to start or have money questions of your own, Adrania says to “rely on your bank.” Ideally, you have a trustworthy financial institution to do your banking. She points out that any bank representative will be more than willing to introduce you to banking concepts you’re unfamiliar with, which can help you become more confident when talking to your children.

In addition, major banks and credit unions often offer educational resources on their websites, and many also offer apps tailored for children. Adragna highly recommends RBC’s mydoh app, which is designed for children and teenagers. You can discuss pocket money, chores, and budgeting while letting your children manage their own money.

As Adrania says, “The most important thing is to start talking about money early and often.” Remember, there’s nothing wrong with learning about money with your kids.

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About Jessica Gibson

Jessica Gibson is a personal finance writer with over a decade of experience in online publishing. She loves helping readers make informed decisions about credit cards, insurance, and debt management.