A new survey commissioned by Mydoh found that 85 per cent of Quebec
parents feel some aspects of financial literacy are a challenge to teach their children
MONTREAL, Sept. 12, 2024 /CNW/ - Quebec parents agree that it's essential to broach the subject of money management at an early age, but many struggle with teaching certain aspects of financial planning to their children, according to a new survey from Mydoh, the money management app for kids and teens powered by RBC.
With the Mydoh app, which provides parental oversight, Quebec families are better equipped to build healthy financial habits together. Mydoh offers both a digital platform and a physical Smart Cash Card (a prepaid Visa card), that empowers children to save and spend wisely, and helps prepare them to handle their finances in the real world with the added bonus of no monthly fees.
"Parents play a crucial role in their children's financial education, but they don't need to do it alone," said Brigitte Felx, financial planner, RBC. "From budgeting to the value of money, teaching children about money management can seem overwhelming for parents, many of whom missed out on early financial education themselves. With a safe and easy-to-use digital tool like Mydoh, parents are better equipped to coach and support their kids in grasping the value of money and can help develop essential financial literacy skills."
The innovative platform provides a solution to an increasingly common challenge for parents. In the survey commissioned by Mydoh, 83 per cent of Quebec parents of children aged 11 to 14 said that instilling financial literacy at an early age is essential. But 85 per cent of Quebec parents said discussing some topics related to money – including budgeting, savings, the value of money, and responsible consumption – with their kids was a challenge. It can be hard to approach these money conversations in the household for some, but it doesn't have to be.
'Odd jobs' present a financial learning opportunity for children
In Quebec, the first set of paid 'odd jobs' or chores with an allowance are a rite of passage for children and teens under 14 to build their work ethic and experience, and to help them learn how to manage money. These odd jobs can be a great opportunity for parents to discuss finances with their pre-teens and teens, helping them develop good habits that they can carry forward into adulthood.
While parents may often use the phrase "when I was your age…" to explain how different their childhood was, the new Mydoh survey suggests that odd jobs in Quebec have remained relatively similar between generations. Babysitting remains the most common (23 per cent), followed by lawn mowing and gardening (17 per cent), according to respondents.
What are kids doing with money earned from their first odd jobs? According to the survey, one-in-four (24 per cent) youth from Gen Z plan to save for a major future purchase compared to one-in-five (19 per cent) from their parents' generation. In this regard, young people using the Mydoh app can benefit from the digital platform's tools and financial learnings to make those future purchases a reality.
For Mélissa Bédard, mother of three daughters and Mydoh ambassador for the brand's launch campaign in Quebec, helping her children develop good financial education is essential:
"Talking about money has long been a delicate subject in our home, but I am committed to teaching my children the value of money from a young age. Associating the Mydoh app with their chores at home has been an excellent way to reinforce these early financial lessons. Mydoh is easy to use, colorful, and makes teens want to use it, which is a big plus!"
Mydoh: A practical tool for money-smart teens
Mydoh found that 61 per cent of parents in Quebec expressed interest in using a free platform to facilitate money discussions with their children. As a companion to the real-world experiences children and teens can gain through odd jobs, Mydoh, an app with no monthly fees, is the perfect tool to help Quebec youth build and develop financial literacy skills through experiential learning. The app is available in French on iOS and Android.
With Mydoh, parents can set up tasks with their children, paying them a weekly allowance on Saturday to simulate a real-world pay day. Parents can help their kids set and reach their saving goals while gaining practical experience in managing money. This hands-on approach helps empower young people to make informed financial decisions, understand the value of money, and develop essential skills that can benefit them throughout their lives.
Parents can gain peace of mind knowing they have oversight of their child's transactions and can lock and unlock their child's Smart Cash Card at any time. Mydoh is also backed by the security and privacy standards of RBC.
On a mission to help households raise money-smart teens, Mydoh has empowered nearly 200,000 Canadian users to build a more solid financial foundation for the next generation and looks forward to supporting Quebec families in doing the same.
About the Survey & Methodology
Leger was commissioned to conduct an online survey of 400 Quebecer parents of kids aged 11-14. It was completed between July 17-21, 2024, using Leger's online panel. No margin of error can be associated with a non-probability sample (i.e. a web panel in this case). For comparative purposes, though, a probability sample of 400 respondents would have a margin of error of ±4.9%, 19 times out of 20.
About RBC
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 100,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada's biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our more than 18 million clients in Canada, the U.S. and 27 other countries. Learn more at rbc.com.
We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/community-social-impact.
About RBCx
RBCx powers bold ideas, founders, and technology companies. We know building great businesses takes more than just finance, which is why our four pillars – Banking, Capital, Platform, and Ventures – combine to make us the go-to backer of Canadian innovation. We use our deep expertise to support businesses of all sizes and stages, and leverage RBC's extensive experience, networks, and capital to solve tomorrow's big problems.
About Mydoh
Since 2021, Mydoh has been committed to helping parents raise money-smart youth. Mydoh began with the shared belief that money management isn't something you are taught, as much as something you learn through experience – and that experience should start early. Mydoh has championed this belief since its inception and with it, has been able to help nearly 200,000 Canadians build a more solid financial foundation for the next generation.
About Leger
Leger is the largest Canadian-owned full-service market research firm. Leger's online panel has approximately 400,000 members nationally and has a retention rate of 90 per cent. Stringent quality assurance measures allow Leger to achieve the high-quality standards set by the company. As a result, its methods of data collection and storage outperform the norms set by WAPOR (The World Association for Public Opinion Research). These measures are applied at every stage of the project: from data collection to processing, through to analysis. Leger aims to answer their clients' needs with honesty, total confidentiality, and integrity.
SOURCE RBC
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