Childhood experiences with money still affect many Canadians: report

Old habits die hard when it comes to attitudes about finances, budgeting and investing, according to new research from Meridian Credit Union Ltd.

A survey of 1,509 adults across Canada found that more than half of respondents (55%) agree childhood experiences with money still impact them to this day. Further, 42% said early experiences have left them feeling anxious and worried about money as adults.

Nearly one-quarter (23%) of Canadians surveyed said that when they were growing up, their parents were worried about money, so they were too. More than four in 10 (41%) reported that their families “didn’t talk about money” at all.

That being said, childhood experiences motivated 52% of those surveyed to focus on planning. The survey also found that while 40% of Canadians said they currently work with a financial planner, 59% still prefer to manage their own money. Additionally, almost four in 10 (38%) don’t think they have enough money to work with an advisor — a belief more common in women (40%) than men (35%).

“Built-in biases, fears and beliefs from the past can have lasting impact on confidence levels felt by Canadians and how they approach managing and investing money, but fortunately, misconceptions about money and wealth can be changed,” said Dilys D’Cruz, vice-president and head of wealth management with Meridian, in a statement.

“Challenging the perceptions that are holding you back can help build resilience and motivate you to take actionable steps towards realizing your financial and life goals.”

The online survey was conducted by MARU/Matchbox between July 27 and Aug. 11. The sample was balanced to reflect the Canadian population, but online surveys can’t be assigned a margin of error because they don’t randomly sample the population.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.