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By Jayson Taylor

Study finds that most parents are concerned about their children’s financial future

Jul 28, 2023 | 2:25 PM

MEDICINE HAT, AB – Finances have been tough for lots of Canadians. Inflation, high real estate costs, high utility costs, and rising food prices have caused many Canadians concerns about their financial situation. But what about the next generation?

A recent study conducted by TD Group showed that around 60 per cent of parents surveyed said that they were concerned with the financial future of their children. Concerns primarily centre on their children’s pursuit of advanced education and real estate being available for them. Both advanced education and real estate have seen prices rise greatly over the years.

Mark Kalinowski, a financial educator for Credit Counselling Society, says that he believes that younger Canadians are at a disadvantage as they want to pursue an education and look for housing during a time when both are more expensive than ever.

Kalinowski notes that the reason why so many parents may be concerned about their children’s future finances is that they are struggling to prevent themselves from falling behind financially.

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“The current times are difficult for people to manage, when we consider inflation, that’s taking money out of people’s pockets, higher interest rates, higher mortgage payments are very concerning to people. Overall though, what we’ve seen study after study is half of all Canadians don’t budget. We’ve seen half of all people in Canada are about $200 away from not making their bill payments,” Kalinowski said on Friday.

Kalinowski says teaching kids to learn how to budget money and be smart with their money is a key step in ensuring that your child could have a stable financial future.

Those interested in learning more about Credit Counselling Society or how to go further with their dollars can visit their website.