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Parental interest in financial literacy education

Art of avoidance
9 out of 10 parents think learning how to manage their own money is an important skill for their teen to have, but only 4 out of 10 parents believe they will be able to after high school.

 Download the full report
 Infographic – Are teens learning enough about money?

 

Toronto, ON, November 21, 2013 – A new study conducted for Investor Education Fund examines the parental want for financial literacy education in the curriculum of high school students in Ontario. The report, based on 500 online interviews conducted with Ontario parents of high school students, aims to find out how prepared parents think their children are to manage their money after high school. Parents were asked how they viewed the importance of their child learning how to manage money and whether or not it is important that this lesson is taught in school. Half of respondents were not sure whether financial education was part of their child’s schooling, and most respondents have taught their child some of the fundamentals about managing their money at home.

Despite parents teaching their kids money lessons at home, they are not satisfied that their kids are sufficiently prepared to manage money after high school. Few parents see high schools making an effort to teach what almost all agree are important lessons.

Key findings

  • 4 out of 10 parents believe their child is prepared to manage money. Only 40% of respondents believe that their child is ready to manage their own money after high school. These parents have typically taught their children more about financial matters than other parents.
  • 9 out of 10 parents think learning how to manage money is an important skill for their teen. Those who think it is most important also teach their kids more about managing money.
  • 2 out of 10 parents believe that Ontario is building financial education into high school courses. Approximately 3 out of 10 believe it is not offered at all. Parents who are sure financial education is taught in high school are more likely to believe their kids are prepared to manage money after high school (63% versus 40%).

About the survey:

This report is based on 500 online interviews conducted by The Brondesbury Group with Ontario parents of high school students in September 2013. Half of the respondents are male and half female. The only other demographic information is the grade level of their (oldest) child. Gender and grade don’t affect most answers.

 

Related resources

Dollar Decision$
Rob Carrick: The importance of teaching financial literacy in schools
Robin Taub: School money lessons must be reinforced at home