Only 9% of Canadian parents strongly agree their child is prepared to manage money independently when they leave homeTORONTO, May 13, 2026 /CNW/ - Canadian kids are gaining an understanding of money - but there&#39;s an

Only 9% of Canadian parents strongly agree their child is prepared to manage money independently when they leave homeTORONTO, May 13, 2026 /CNW/ - Canadian kids are gaining an understanding of money - but there&#39;s an opportunity to build the practical skills and confidence needed for future financial independence. That&#39;s according to <a xmlns="http://www.w3.org/1999/xhtml" href="http://mydoh.ca/" target="_blank" rel="nofollow">Mydoh&#39;s</a> first-ever Financial Resilience Report, which reveals a gap between financial knowledge and real-world readiness among Canadian youth.
 <div xmlns="http://www.w3.org/1999/xhtml" class="PRN_ImbeddedAssetReference" id="DivAssetPlaceHolder1">
 
 <a xmlns="http://www.w3.org/1999/xhtml" href="https://mma.prnewswire.com/media/2978365/RBC_New_Mydoh_Report_Finds_Financial_Resilience_Lagging_Among_Ca.html" target="_blank" rel="nofollow">
 <img xmlns="http://www.w3.org/1999/xhtml" src="https://mma.prnewswire.com/media/2978365/RBC_New_Mydoh_Report_Finds_Financial_Resilience_Lagging_Among_Ca.jpg" title="RBC (CNW Group/RBC)" alt="RBC (CNW Group/RBC)"></img>
 </a>
 
 </div>
The national survey of 1,000 Canadian parents found that while the vast majority of parents report actively teaching their kids about money, just 9% strongly agree that their child is well-prepared to manage money independently when they leave home and transition into adulthood.&#34;While many families are already having money conversations, the research suggests practical experience remains an opportunity area,&#34; said Angelique de Montbrun, Chief Executive Officer at Mydoh. &#34;Financial confidence is built through everyday habits and hands-on learning. When kids and teens have the chance to practice managing money early, they build skills that can stay with them for life.&#34;Mydoh is designed to help kids and teens build those skills through real-world experiences, including earning, saving, spending and managing money, with parent oversight built in.Knowledge Is Strong - But Action Is Inconsistent Financial resilience is defined as not only how well kids understand money, but also their ability to apply that knowledge confidently in real-life situations.Mydoh&#39;s new report highlights a disconnect between the two parts of this equation.<ul xmlns="http://www.w3.org/1999/xhtml" type="disc"><li xmlns="http://www.w3.org/1999/xhtml">90% of parents say they talk regularly with their kids about money</li><li xmlns="http://www.w3.org/1999/xhtml">83% say their child understands saving for a goal</li><li xmlns="http://www.w3.org/1999/xhtml">But only 64% say their child regularly works toward those goals - a 19% gap between understanding and action</li></ul>&#34;Financial resilience isn&#39;t built by knowing what to do with money - it&#39;s built by actually doing it,&#34; said Vanessa Bowen, CPA and Founder of personal finance coaching platform Mint Worthy. &#34;When kids are actively involved in earning, saving and spending decisions, they develop the skills and confidence they need to make better financial decisions over time.&#34;Everyday Habits Reveal How Kids Are Learning The report also reveals how these gaps show up in kids&#39; everyday money habits:<ul xmlns="http://www.w3.org/1999/xhtml" type="disc"><li xmlns="http://www.w3.org/1999/xhtml">Only 55% of kids are handling money independently before age 12 - such as making purchases, managing allowance or deciding how to spend savings</li><li xmlns="http://www.w3.org/1999/xhtml">16% of Canadian parents say their kids have never experienced the feeling of running out of money when they can&#39;t afford something they want</li><li xmlns="http://www.w3.org/1999/xhtml">1 in 5 Canadian parents say they step in to fix the situation when their child makes a money mistake (like buying something impulsively and then regretting it)</li></ul>Building Financial Resilience Through Real-World Experience To help close the gap, Mydoh is working with Bowen to develop a Practice-to-Confidence Playbook, outlining four simple ways parents can help their kids build financial resilience:Make it real: Give kids hands-on experience with earning, spending and saving money in everyday situations.Make it collaborative: Set aside five to ten minutes each week to review spending, savings or a simple financial decision as a family.Make space for mistakes: Only 46% of parents say they talk through what went wrong when their child makes a financial mistake. Creating space to reflect helps kids build confidence, learn from experience and develop the resilience to make better decisions over time.Keep the conversation open: More than 1 in 5 parents worry money conversations will cause stress in their kids. But avoiding the topic can mean missed learning opportunities. Open, low-pressure discussions can help children feel more comfortable talking about money and build confidence over time.&#34;When kids have the opportunity to make decisions, learn from mistakes and try again, they build the confidence and capability to manage money independently,&#34; added Bowen.To view the full version of Mydoh&#39;s Canadian Financial Resilience Report and access tips from Vanessa Bowen, visit <a xmlns="http://www.w3.org/1999/xhtml" href="http://mydoh.ca/learn/financial-resilience-report/" target="_blank" rel="nofollow">mydoh.ca/learn/financial-resilience-report/</a>.This is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. The information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.About the Study These findings are based on an Ipsos survey conducted on behalf of Mydoh between March 30 and April 2, 2026, among 1,000 Canadian parents of children aged 6–17. Results were weighted to reflect the Canadian population. The survey has a credibility interval of ±3.8 percentage points, 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 101,000+ 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&#39;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 19 million clients in Canada, the U.S. and 27 other countries. Learn more at <a xmlns="http://www.w3.org/1999/xhtml" href="https://www.rbc.com/about-rbc.html" target="_blank" rel="nofollow">rbc.com</a>.‎We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at <a xmlns="http://www.w3.org/1999/xhtml" href="https://www.rbc.com/community-social-impact/" target="_blank" rel="nofollow">rbc.com/peopleandplanet</a>.About Mydoh Since 2021, <a xmlns="http://www.w3.org/1999/xhtml" href="https://www.mydoh.ca/how-it-works/" target="_blank" rel="nofollow">Mydoh</a> has been committed to helping parents raise money-smart youth. Mydoh began with the shared belief that money management isn&#39;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 more than 300,000 Canadians build a more solid financial foundation for the next generation. Mydoh is a part of <a xmlns="http://www.w3.org/1999/xhtml" href="http://rbcx.com/" target="_blank" rel="nofollow">RBCx</a> – the tech and innovation banking arm of RBC.For more information, please contact: Holly Lobsinger, Craft Public Relations (for Mydoh) <a xmlns="http://www.w3.org/1999/xhtml" href="mailto:holly@craftpublicrelations.com" target="_blank" rel="nofollow">holly@craftpublicrelations.com</a> &#x7C; 902-717-8582 
<div xmlns="http://www.w3.org/1999/xhtml" class="PRN_ImbeddedAssetReference" id="DivAssetPlaceHolder2">
 
 <a xmlns="http://www.w3.org/1999/xhtml" href="https://mma.prnewswire.com/media/2978367/RBC_New_Mydoh_Report_Finds_Financial_Resilience_Lagging_Among_Ca.html" target="_blank" rel="nofollow">
 <img xmlns="http://www.w3.org/1999/xhtml" src="https://mma.prnewswire.com/media/2978367/RBC_New_Mydoh_Report_Finds_Financial_Resilience_Lagging_Among_Ca.jpg" title="Mydoh (CNW Group/RBC)" alt="Mydoh (CNW Group/RBC)"></img>
 </a>
 
</div>



SOURCE RBC<img xmlns="http://www.w3.org/1999/xhtml" alt="" src="https://rt.newswire.ca/rt.gif?NewsItemId=C9018&amp;Transmission_Id=202605130901CANADANWCANADAPR_C9018&amp;DateId=20260513" style="border:0px; width:1px; height:1px;"></img><img xmlns="http://www.w3.org/1999/xhtml" title="Cision" width="12" height="12" alt="Cision" src="https://edge.prnewswire.com/c/img/favicon.png?sn=C9018&amp;sd=2026-05-13"></img> View original content to download multimedia: <a xmlns="http://www.w3.org/1999/xhtml" id="CNWURL" rel="nofollow" href="http://www.newswire.ca/en/releases/archive/May2026/13/c9018.html" target="_blank">http://www.newswire.ca/en/releases/archive/May2026/13/c9018.html</a>

New Mydoh Report Finds Financial Resilience Lagging Among Canadian Youth

Mydoh Report Shows Financial Preparedness Gap Among Canadian Youth

<section class="insight" data-version="1">
 <section data-block="information">
 <h3>Information</h3>
 Only 9% of Canadian parents strongly agree their child is prepared to manage money independently when they leave homeTORONTO, May 13, 2026 /CNW/ - Canadian kids are gaining an understanding of money - but there&amp;#39;s an
 </section>

 <section data-block="ai-summary-paragraph">
 <h3>AI Summary</h3>
 A recent survey indicated that only 9% of Canadian parents believe their children are ready to manage finances independently. The findings from Mydoh suggest a significant gap between financial knowledge and practical application, which could indicate future demand for better financial education products and services. This gap presents a potential growth opportunity for RBC and its Mydoh initiative in the financial literacy space.
 </section>

 <section data-block="ai-summary-bullets">
 <h3>Key Points</h3>
 <ul><li>Only 9% of Canadian parents feel their child is financially prepared.</li><li>A gap exists between financial knowledge and practical application in children.</li><li>90% of parents discuss money, but only 64% of children act on this knowledge.</li><li>Mydoh&#039;s report highlights the need for hands-on financial experiences for kids.</li><li>RBC&#039;s Mydoh aims to support youth in building financial resilience.</li></ul>
 </section>

 <section data-block="companies-mentioned">
 <h3>Companies Mentioned</h3>
 <ul><li>Mydoh (N/A): A financial literacy tool in partnership with RBC focusing on youth.</li><li>Royal Bank of Canada (RY): RBC&#039;s involvement in Mydoh indicates commitment to financial education.</li></ul>
 </section>

 <section data-block="category">
 <h3>Industry News</h3>
 This article falls under &#039;Industry News&#039; as it pertains to financial literacy and the role of banks like RBC in addressing the gap in youth financial preparedness. Such initiatives reflect broader trends in consumer demands for financial education services.
 </section>

 <section data-block="market-moving">
 <h3>Market-Moving</h3>
 <ul><li>RBC&#039;s Mydoh could see increased usage as parents seek financial education tools.</li><li>Growing demand for financial independence initiatives among Canadian youth may benefit RBC.</li><li>Potential expansion of Mydoh&#039;s offerings could enhance RBC&#039;s market presence.</li><li>Investments in financial literacy may reflect positively on RY&#039;s long-term valuation.</li></ul>
 </section>

 <section data-block="key-facts">
 <h3>Key Facts</h3>
 <ul><li>Only 9% of parents strongly agree their child is prepared for financial independence.</li><li>90% of parents talk to kids about money regularly.</li><li>Only 64% of children actively work towards financial goals.</li><li>55% of kids handle money independently before age 12.</li><li>1 in 5 parents intervene when their child makes financial mistakes.</li></ul>
 </section>

 <section data-block="trading-thesis">
 <h3>Trading Thesis</h3>
 Invest in RY for potential growth due to increased focus on financial literacy programs.
 </section>
</section>


Only 9% of Canadian parents strongly agree their child is prepared to manage money independently when they leave homeTORONTO, May 13, 2026 /CNW/ - Canadian kids are gaining an understanding of money - but there&#39;s an opportunity to build the practical skills and confidence needed for future financial independence. That&#39;s according to <a xmlns="http://www.w3.org/1999/xhtml" href="http://mydoh.ca/" target="_blank" rel="nofollow">Mydoh&#39;s</a> first-ever Financial Resilience Report, which reveals a gap between financial knowledge and real-world readiness among Canadian youth.
 <div xmlns="http://www.w3.org/1999/xhtml" class="PRN_ImbeddedAssetReference" id="DivAssetPlaceHolder1">
 
 <a xmlns="http://www.w3.org/1999/xhtml" href="https://mma.prnewswire.com/media/2978365/RBC_New_Mydoh_Report_Finds_Financial_Resilience_Lagging_Among_Ca.html" target="_blank" rel="nofollow">
 <img xmlns="http://www.w3.org/1999/xhtml" src="https://mma.prnewswire.com/media/2978365/RBC_New_Mydoh_Report_Finds_Financial_Resilience_Lagging_Among_Ca.jpg" title="RBC (CNW Group/RBC)" alt="RBC (CNW Group/RBC)"></img>
 </a>
 
 </div>
The national survey of 1,000 Canadian parents found that while the vast majority of parents report actively teaching their kids about money, just 9% strongly agree that their child is well-prepared to manage money independently when they leave home and transition into adulthood.&#34;While many families are already having money conversations, the research suggests practical experience remains an opportunity area,&#34; said Angelique de Montbrun, Chief Executive Officer at Mydoh. &#34;Financial confidence is built through everyday habits and hands-on learning. When kids and teens have the chance to practice managing money early, they build skills that can stay with them for life.&#34;Mydoh is designed to help kids and teens build those skills through real-world experiences, including earning, saving, spending and managing money, with parent oversight built in.Knowledge Is Strong - But Action Is Inconsistent Financial resilience is defined as not only how well kids understand money, but also their ability to apply that knowledge confidently in real-life situations.Mydoh&#39;s new report highlights a disconnect between the two parts of this equation.<ul xmlns="http://www.w3.org/1999/xhtml" type="disc"><li xmlns="http://www.w3.org/1999/xhtml">90% of parents say they talk regularly with their kids about money</li><li xmlns="http://www.w3.org/1999/xhtml">83% say their child understands saving for a goal</li><li xmlns="http://www.w3.org/1999/xhtml">But only 64% say their child regularly works toward those goals - a 19% gap between understanding and action</li></ul>&#34;Financial resilience isn&#39;t built by knowing what to do with money - it&#39;s built by actually doing it,&#34; said Vanessa Bowen, CPA and Founder of personal finance coaching platform Mint Worthy. &#34;When kids are actively involved in earning, saving and spending decisions, they develop the skills and confidence they need to make better financial decisions over time.&#34;Everyday Habits Reveal How Kids Are Learning The report also reveals how these gaps show up in kids&#39; everyday money habits:<ul xmlns="http://www.w3.org/1999/xhtml" type="disc"><li xmlns="http://www.w3.org/1999/xhtml">Only 55% of kids are handling money independently before age 12 - such as making purchases, managing allowance or deciding how to spend savings</li><li xmlns="http://www.w3.org/1999/xhtml">16% of Canadian parents say their kids have never experienced the feeling of running out of money when they can&#39;t afford something they want</li><li xmlns="http://www.w3.org/1999/xhtml">1 in 5 Canadian parents say they step in to fix the situation when their child makes a money mistake (like buying something impulsively and then regretting it)</li></ul>Building Financial Resilience Through Real-World Experience To help close the gap, Mydoh is working with Bowen to develop a Practice-to-Confidence Playbook, outlining four simple ways parents can help their kids build financial resilience:Make it real: Give kids hands-on experience with earning, spending and saving money in everyday situations.Make it collaborative: Set aside five to ten minutes each week to review spending, savings or a simple financial decision as a family.Make space for mistakes: Only 46% of parents say they talk through what went wrong when their child makes a financial mistake. Creating space to reflect helps kids build confidence, learn from experience and develop the resilience to make better decisions over time.Keep the conversation open: More than 1 in 5 parents worry money conversations will cause stress in their kids. But avoiding the topic can mean missed learning opportunities. Open, low-pressure discussions can help children feel more comfortable talking about money and build confidence over time.&#34;When kids have the opportunity to make decisions, learn from mistakes and try again, they build the confidence and capability to manage money independently,&#34; added Bowen.To view the full version of Mydoh&#39;s Canadian Financial Resilience Report and access tips from Vanessa Bowen, visit <a xmlns="http://www.w3.org/1999/xhtml" href="http://mydoh.ca/learn/financial-resilience-report/" target="_blank" rel="nofollow">mydoh.ca/learn/financial-resilience-report/</a>.This is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. The information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.About the Study These findings are based on an Ipsos survey conducted on behalf of Mydoh between March 30 and April 2, 2026, among 1,000 Canadian parents of children aged 6–17. Results were weighted to reflect the Canadian population. The survey has a credibility interval of ±3.8 percentage points, 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 101,000+ 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&#39;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 19 million clients in Canada, the U.S. and 27 other countries. Learn more at <a xmlns="http://www.w3.org/1999/xhtml" href="https://www.rbc.com/about-rbc.html" target="_blank" rel="nofollow">rbc.com</a>.‎We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at <a xmlns="http://www.w3.org/1999/xhtml" href="https://www.rbc.com/community-social-impact/" target="_blank" rel="nofollow">rbc.com/peopleandplanet</a>.About Mydoh Since 2021, <a xmlns="http://www.w3.org/1999/xhtml" href="https://www.mydoh.ca/how-it-works/" target="_blank" rel="nofollow">Mydoh</a> has been committed to helping parents raise money-smart youth. Mydoh began with the shared belief that money management isn&#39;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 more than 300,000 Canadians build a more solid financial foundation for the next generation. Mydoh is a part of <a xmlns="http://www.w3.org/1999/xhtml" href="http://rbcx.com/" target="_blank" rel="nofollow">RBCx</a> – the tech and innovation banking arm of RBC.For more information, please contact: Holly Lobsinger, Craft Public Relations (for Mydoh) <a xmlns="http://www.w3.org/1999/xhtml" href="mailto:holly@craftpublicrelations.com" target="_blank" rel="nofollow">holly@craftpublicrelations.com</a> &#x7C; 902-717-8582 
<div xmlns="http://www.w3.org/1999/xhtml" class="PRN_ImbeddedAssetReference" id="DivAssetPlaceHolder2">
 
 <a xmlns="http://www.w3.org/1999/xhtml" href="https://mma.prnewswire.com/media/2978367/RBC_New_Mydoh_Report_Finds_Financial_Resilience_Lagging_Among_Ca.html" target="_blank" rel="nofollow">
 <img xmlns="http://www.w3.org/1999/xhtml" src="https://mma.prnewswire.com/media/2978367/RBC_New_Mydoh_Report_Finds_Financial_Resilience_Lagging_Among_Ca.jpg" title="Mydoh (CNW Group/RBC)" alt="Mydoh (CNW Group/RBC)"></img>
 </a>
 
</div>



SOURCE RBC<img xmlns="http://www.w3.org/1999/xhtml" alt="" src="https://rt.newswire.ca/rt.gif?NewsItemId=C9018&amp;Transmission_Id=202605130901CANADANWCANADAPR_C9018&amp;DateId=20260513" style="border:0px; width:1px; height:1px;"></img><img xmlns="http://www.w3.org/1999/xhtml" title="Cision" width="12" height="12" alt="Cision" src="https://edge.prnewswire.com/c/img/favicon.png?sn=C9018&amp;sd=2026-05-13"></img> View original content to download multimedia: <a xmlns="http://www.w3.org/1999/xhtml" id="CNWURL" rel="nofollow" href="http://www.newswire.ca/en/releases/archive/May2026/13/c9018.html" target="_blank">http://www.newswire.ca/en/releases/archive/May2026/13/c9018.html</a>

A recent survey indicated that only 9% of Canadian parents believe their children are ready to manage finances independently. The findings from Mydoh suggest a significant gap between financial knowledge and practical application, which could indicate future demand for better financial education products and services. This gap presents a potential growth opportunity for RBC and its Mydoh initiative in the financial literacy space.

New Mydoh Report Finds Financial Resilience Lagging Among Canadian Youth

AI Summary

Sentiment Rationale

Trading Thesis

Market-Moving

Key Facts

Companies Mentioned

Industry News

Related News