A majority of Canadians find talking about money with their family challenging. A survey commissioned by the Canadian Scholarship Trust Foundation found that 19% find family members’ varying financial situations difficult, 15% point to different financial priorities, 11% describe a lack of financial knowledge and 10% say they fear conflict. Another 5% find it challenging for some other reason.
The study suggests that when parents talk with their kids about money, it improves the situation. Those who spoke with their parents about money at least once a month growing up were more likely to say they’re comfortable talking with family members about finances now. Forty-four per cent are comfortable; 34% are uncomfortable.
There is a “direct correlation between financial issues being an open discussion in childhood and
comfort discussing financial skills and managing money as an adult,” the survey said.
The message appears to be hitting home. More than half (56%) of respondents age 18–34 said they spoke with their family members about money often growing up. Among those 35–54, 41% said the same. Just 31% of those 55 and older had these regular conversations as a child.
One-third (32%) said they are very comfortable discussing money with immediate family. Thirty-nine per cent are somewhat comfortable.
The online survey of 1,553 Canadian adults was conducted by Leger between Jan. 31 and Feb 2, 2025.