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By Alyssa Rudolph

'make a plan'

Parents worried about kids’ financial futures — experts urge early money talks and planning

Nov 28, 2025 | 5:17 PM

Parents can help set up their children for financial success by setting up a plan and having frequent money conversations.

Earlier this month, the Royal Bank of Canada (RBC) released a poll, Talking Money with Our Kids. The poll revealed that 53 per cent of parents with teens and young adults admitted they are worried about their child’s financial future.

A wealth specialist with Thrive Wealth Management, Conexus’ and Cornerstone Credit Union’s wealth management company said having a financial plan in place can reduce stress and worry.

“Some [plans] are short term; some are long term but having that plan in place will get you more confident in what’s going on,” said Andrea Balon. “It will help build your children’s confidence in what’s going on, and it will just be set up for a more successful future.”

Getting children into a financial institution and setting up a bank account at a young age can also help to build financial confidence.

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“The best thing to do is go into your financial institution, talk to a trusted financial professional and learn about the options that are out there,” said Balon.

The poll also revealed that 71 per cent of parent’s stress about their own and their children’s financial futures are affecting their wellbeing. This outcome shows there is a need for parents to build up their own money confidence before helping their children.

Lucianna Adragna, vice president of RBC spoke about the results of the poll earlier this month. She said parents could be missing a crucial opportunity to set their children up for success.

“Over half of the parents we surveyed mentioned they didn’t feel very confident about approaching conversations with their children about their financial future, which can make even thinking about this topic stressful. It’s so important to get this conversation started, so parents can help their children build their financial confidence,” she said.

Balon, the wealth specialist, said she encourages parents to start the process of having less intimidating money conversations by referencing topics from a household perspective.

“What does it look like when you’re budgeting for a household? What are those everyday expenses like? Having your kids involved in those everyday things just makes it less of a mystery, but also just helps them gain some confidence with their own finances as they get older,” she said.

Parents are ultimately encouraged to sit down with a financial professional to identify planning opportunities and continue money conversations with their children.

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alyssa.rudolph@pattisonmedia.com