Social media and money stress weigh on Gen Z, but parents hesitate to start crucial conversations
More than half of Canadian parents are “worried”—and some even “fearful”—about the financial futures of their teens and young adults, yet many are putting off crucial money conversations, according to a new RBC poll, Talking Money with Our Kids.
The survey found that 53 percent of parents with children aged 13 to 24 harbour deep concerns about their children’s financial prospects, and 71 percent say the resulting stress, combined with anxiety over their own finances, is now impacting their overall wellbeing.
Despite these concerns, parents remain hesitant to address financial topics at home.
As reported by RBC, over one third (36 percent) of parents are waiting for significant life events or urgent needs before discussing money, while 21 percent are holding off until their children initiate the conversation themselves.
Sixteen percent have not broached the subject at all.
A lack of confidence is a key barrier.
Lucianna Adragna, vice president of Client Segments, Everyday Banking at RBC, points out that “over half of the parents we surveyed mentioned they didn’t feel very confident about approaching conversations with their children about their financial future, which can make even thinking about this topic stressful.”
Adragna emphasizes the importance of starting these discussions early to help young people build financial confidence and avoid missed opportunities for future success.
Financial stress is not limited to parents.
The 2025 RBC report, The Cost of Keeping Up, highlights that 64 percent of young adults aged 18 to 24 feel social media can make them feel financially behind, and 55 percent say it can make them feel like they are struggling even when they are financially stable.
Adragna notes that social media pressures can negatively influence money management and that parents have an important role in helping young adults build the confidence to make independent financial decisions.
Another challenge is that 43 percent of parents are not using any resources—or are unaware of what’s available—to help their children prepare for financial independence, as per the RBC poll.
Adragna encourages parents to leverage trusted tools and advice, noting, “Parents don’t need be experts. They just need to lean into trusted resources to give parents a starting point, and the confidence, to get these conversations underway.”
