Two in Five (36%) Canadian Parents Feel Current Financial Situation is Affecting Children's Perception of Money Management
Two in five (36%) parents `agree' (7% strongly/29% somewhat) that `they feel that their current financial situation is affecting their children's perception of money management', while three in five (64%) `disagree' (32% strongly/32% somewhat) with this assessment.
While many parents might consider themselves effective money managers and role models, this does not mean that a modest portion of parents don't have their fair share of concerns. One of the biggest concerns could be the effect of a parent's money strain on their relationship with their children. One in five (20%) `agree' (4% strongly/15% somewhat) that `their relationship with their children has been affected or strained by their current financial situation', while four in five (80%) `disagree' (55% strongly/25% somewhat). These concerns include:
- The costs of their children's post-secondary education and how it will affect their current debt level - 63% `Agree' (22% strongly/41% somewhat) vs. 37% `Disagree' (14% strongly/23% somewhat)
- How their children would be affected if they couldn't improve their financial situation - 44% `Agree' (15% strongly/29% somewhat) vs. 56% `Disagree' (26% strongly/30% somewhat)
Having such concerns can often lead to a lack of communication between parents and their children, despite children being curious as to the family's financial situation. Only a minority (44%) of Canadian parents `agree' (8% strongly/35% somewhat) that `they discuss the family finances, including financial problems, with their children', while a majority (56%) `disagree' (26% strongly/30% somewhat) that they have such discussions. In fact, one quarter (23%) of parents `agree' (6% strongly/23% somewhat) that `their children asking them questions about money and the family finances causes them anxiety', while three quarters (77%) `disagree' (45% strongly/32% somewhat).
Canadian Parents Assess Their Current Debt Situation
Thinking about their debt, including their credit cards, mortgages, loans, etc., half (51%) of Canadian parents indicate that they have no problem making all debt payments on time, while three in ten (29%) say they make all debt payments but sometimes it's a struggle to meet deadlines. One in ten parents either regularly have a hard time making all debt payments on time (7%) or have fallen behind on their debt payments (6%). Another one in ten (8%) indicate not having any debt.
These are some of the findings of an Ipsos Reid poll conducted between September 18th to 24th, 2013 on behalf of MNP LLP. For this survey, a sample of 1,002 Canadian parents (485 fathers and 417 mothers) from Ipsos' Canadian online panel was interviewed online. Weighting was then employed to balance demographics to ensure that the sample's composition reflects that of the adult population according to Census data and to provide results intended to approximate the sample universe. The precision of Ipsos online surveys is measured using a credibility interval. In this case, the survey is accurate to within +/- 3.5 percentage points had all Canadians parents been polled. All sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error, and measurement error.
For more information on this news release, please contact:
Sean Simpson
Vice President
Ipsos Reid Public Affairs
416.572.4474
[email protected]
About Ipsos Reid
Ipsos Reid is Canada's market intelligence leader, the country's leading provider of public opinion research, and research partner for loyalty and forecasting and modelling insights. With operations in eight cities, Ipsos Reid employs more than 600 research professionals and support staff in Canada. The company has the biggest network of telephone call centres in the country, as well as the largest pre-recruited household and online panels. Ipsos Reid's marketing research and public affairs practices offer the premier suite of research vehicles in Canada, all of which provide clients with actionable and relevant information. Staffed with seasoned research consultants with extensive industry-specific backgrounds, Ipsos Reid offers syndicated information or custom solutions across key sectors of the Canadian economy, including consumer packaged goods, financial services, automotive, retail, and technology & telecommunications. Ipsos Reid is an Ipsos company, a leading global survey-based market research group.
To learn more, please visit www.ipsos.ca.
About Ipsos
Ipsos is an independent market research company controlled and managed by research professionals. Founded in France in 1975, Ipsos has grown into a worldwide research group with a strong presence in all key markets. In October 2011 Ipsos completed the acquisition of Synovate. The combination forms the world's third largest market research company.
With offices in 85 countries, Ipsos delivers insightful expertise across six research specializations: advertising, customer loyalty, marketing, media, public affairs research, and survey management.
Ipsos researchers assess market potential and interpret market trends. They develop and build brands. They help clients build long-term relationships with their customers. They test advertising and study audience responses to various media and they measure public opinion around the globe.
Ipsos has been listed on the Paris Stock Exchange since 1999 and generated global revenues of e1,789 billion (2.300 billion USD) in 2012.
