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