Parents fear for their kids’ financial future but avoid the money talk

Concern is high, conversations are low

The teen and young adult years are when kids start earning money and developing their first financial habits. But many parents worry those habits won’t be enough: 53% say they feel anxious about their children’s financial future, and 71% say that stress is affecting their own well-being.

Despite this level of concern, many aren’t talking about money with their children. Survey results found that 36% are waiting for milestones or the right moment to present itself. About one-fifth of respondents are waiting for the kids to ask about specific money topics, and another 16% haven’t talked about money at all.

The takeaway? Most parents aren’t being proactive about having a money talk. 

Related reading: 6 strategies for teaching kids about money

Social media can fuel money anxiety

Parents aren’t the only ones feeling anxious about money. Another RBC report from earlier in 2025 noted that 64% of Gen Z respondents said they felt financially behind based on what they saw from social media. More than half (55%) also said that social media made them feel like they were struggling.

Lucianna Adragna, Vice President, Client Segments, Everyday Banking at RBC, says one of the best things you can do as a parent is to talk with your child about what they see on social media. By talking through their concerns together, you can help your child become more financially confident so they’re not swayed by what their peers on social media say.

If you discuss money when your kids are young instead of waiting for young-adult milestones, you’ll find it’s easier to approach almost any money topic. Try to make money a natural part of the conversation and tailor it to your child’s age.

For instance, with young schoolchildren, you can explain the difference between wants and needs—something they’ll definitely need to distinguish as young adults. As your kids get a little older, you can explain concepts like budgets and saving. Those are great topics to hit as you pay your children allowances, or they receive money from relatives for holidays.

As your children get older, try to involve them in discussions about money or big purchases, such as family vacations. By making money a natural topic of conversation, you’re teaching your kids financial literacy, which can make them more confident about handling their money.

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Start conversations early—even if you’re learning, too

There are more resources than ever for learning about personal finance, all of which can be a bit overwhelming. But you don’t have to be an expert to start talking about money with your kids.

If you’re unsure where to begin or have money questions yourself, Adragna says to “Lean on your bank.” Ideally, you have a trusted financial institution that you bank with. She notes that any bank representative would be more than willing to talk you through banking concepts you’re unfamiliar with, which can help you become more confident when talking with your kids. 

Plus, major banks and credit unions often have educational resources on their websites and many offer apps that are tailored to kids. Adragna highly recommends RBC’s mydoh app, designed with kids and teens in mind. You can have conversations about allowance, chores, and budgeting while putting your kids in charge of their own money.

As Adragna says, “What matters most is to begin talking about money early and often.” And remember, there’s nothing wrong with learning about money along with your kids.

Read more about kids and money:

• Ages 0 to 6: Teaching kids and toddlers about money
• Ages 7 to 12: Teaching kids about how to save and not overspend
• Student money: How to pay for school and have a life—a guide for students and parents

About Jessica Gibson

Jessica Gibson is a personal finance writer with over a decade of experience in online publishing. She enjoys helping readers make informed decisions about credit cards, insurance, and debt management.

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