Canadian teens are already focused on their financial future – Wealth Professional

Nov 08, 2023

The next generation of Canadian adults are keen to do things their way and perhaps avoid some of the mistakes and struggles of their parents.

Mydoh, a money management app powered by RBC, polled teens aged 13-17 to find out how they feel about money and what plans and priorities they have for their own financial future.

A key takeaway is that this young cohort covets financial independence, with 64% already saving for the future. Although their aspirations include many of the things that have been part of the dream for generations – such as homeownership (79%) – the reality that it’s become harder to achieve those goals appears to have sunk in, and sparked action.

Canadian teens have also clearly seen how being in debt affects not just financial security but mental health, with 86% saying they are reluctant to go into debt to pay for things. Nine in ten respondents are proactively learning about financial management and 84% are open to talking with friends and family about finances.