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Cision Canada
2 days ago
- Business
- Cision Canada
New Mydoh Study Reveals Back-to-School Budgeting Struggles for Canadian Parents
81% of Canadian parents stressed by back-to-school shopping, but financial expert Jessica Moorhouse sees it as a teachable money moment TORONTO, Aug. 18, 2025 /CNW/ - Many Canadian families are preparing for what is often one of the most stressful financial seasons of the year: back-to-school shopping. Parents are caught between their kids' big dreams and even bigger wish lists – all while trying to keep their spending in check. According to a recent study commissioned by Mydoh, 81 per cent of Canadian parents report feeling stressed about back-to-school shopping. In response, the Mydoh app, a money management tool designed for teens and kids, has collaborated with financial expert Jessica Moorhouse to offer practical advice that can help families navigate the season with less stress and more confidence. "We know back-to-school can feel like a financial pressure point," said Angelique de Montbrun, Chief Executive Officer of Mydoh. "But it's also the perfect opportunity to build lifelong money skills. We want to help parents turn the seasonal spending standoff between wants and needs into real-life lessons in financial literacy and budgeting." A Strategic Approach to Back-to-School Budgeting Jessica Moorhouse recommends a three-phase approach: Plan ahead by aligning on clear goals Execute with intention during shopping Reflect afterward to reinforce smart financial habits Before You Go One in three parents Mydoh talked to about back-to-school shopping said they often spend more than their planned budget because they never built a budget in the first place. Before heading to the store, Moorhouse proposes sitting down as a family to make a shopping list and set a clear budget. Researching prices beforehand establishes realistic expectations and empowers kids to understand the value of what they're asking for. Use this time to discuss each item, distinguishing wants from needs and prioritizing accordingly – just in case you can't buy everything. "When it comes to money, I encourage a transparent approach and recommend kids contribute their own money toward some of the 'want' items," said Moorhouse. "This is where Mydoh can be a game changer. Its 'Spend' and 'Save' features support goal-oriented saving, allowing kids to set aside money for specific wish list items. Plus, allowances can be automatically split between Spending and Saving, helping make financial responsibility effortless." Keep the child's age in mind during these discussions. For younger kids (up to grade four), parents can lead but involve the kids in reviewing the list. By around grade five, kids can start participating more directly in budgeting and understanding the breakdown. At The Store 60 per cent of parents say their kids have a basic understanding of the financial realities of back-to-school shopping – but that those realities are easily forgotten once they walk into a store. When kids ask for something outside the budget, it's important not to judge or dismiss the ask, and equally as important not to agree by default. Instead, parents can validate the want – and offer them choices. For items kids are responsible for purchasing as part of the budgeting process, parents can give them the opportunity to take control of their spending in the store. Kids can have their own way to pay – like using the Smart Cash Card, which is included with every Mydoh account. Parents stay informed through real-time transaction notifications – and have the ability to lock the card in the event that the card or phone gets lost, which means parents can even send their kids shopping on their own, and still enjoy some oversight and peace of mind. "While 40 per cent of parents said they overspend during back-to-school shopping because they don't want to disappoint their kids, the biggest financial mistake parents make during the season is allowing their kids to set the spending rules," says Moorhouse. "Remember that setting boundaries doesn't make you a bad parent – it helps build long-term financial fortitude." Encourage Ongoing Learning Sticking to a budget often means leaving the store without everything on a child's wish list. But the lesson doesn't have to end there. Using a tool like Mydoh, parents can assign chores that reward kids with earned money, teaching the value of effort. When children return to buy that coveted item, they learn firsthand that some "wants" require patience and dedication. For more Back to School budgeting tips, visit Survey Methodology These findings are drawn from an online survey conducted by Prodege between July 25-27, 2025, on behalf of Craft Public Relations, commissioned by Mydoh. The survey included a total of n=1,000 Canadian parents with children ages 7-15. Respondents reflect the natural demographic distribution of members of Prodege 's research panel, except for the quotas used to ensure that n=200 responses were collected from Quebec to enable reliable segmentation of the results by region, no other demographic quotas or post-survey methodologies were applied. At a sample size of 1,000, the margin of error for the study is ± 3.1 percentage points at a 95% confidence level, though margins of error are higher among subsets of the population. All sample surveys and polls may be subject to other sources of error, including, but not limited to, coverage error and measurement error. About RBC Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 97,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada's biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our more than 19 million clients in Canada, the U.S. and 27 other countries. Learn more at We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at About RBCx RBCx banks, builds, and invests in the innovation ecosystem – backed by the institutional strength and stability of the Royal Bank of Canada (RBC). With specialized financial solutions, portfolio building experience, and a collective of specialists that provide powerful support, we help startups and scaleups unlock growth across every stage of their journey. About Mydoh Since 2019, Mydoh has been committed to helping parents raise money-smart youth. Mydoh began with the shared belief that money management isn't something you are taught, as much as something you learn through experience – and that experience should start early. Mydoh has championed this belief since its inception and with it, has been able to help over 280,000 Canadians build a more solid financial foundation for the next generation.
Hamilton Spectator
22-06-2025
- Business
- Hamilton Spectator
The peer pressure on your teen to spend money is intense. Here's how to support your kid
Teens in Canada are spending between a few hundred dollars to more than $1,000 a month. Makeup and skin care. Concert tickets. Iced dragonfruit lemonade. Sports gear. Sneakers. Ubers. The funds are coming from part-time work, parents and grandparents. Summer jobs tend to bring in even more cash for them. The pressure on teens to spend money is intense and gets more expensive by the year. It's a daily battle with the latest social trends, tech gadgets, and the unavoidable pressure and FOMO over the Insta- and TikTok-worthy lives of friends and influencers. Parents know that peer pressure is a cash-draining adventure and most have dealt with their own adult-version of it, too (vacations, cars, renos). No matter the condition of their own finances, parents do want to help their teens manage the social spending trap, without losing friends in the process. When done thoughtfully, downsizing can shore up retirement savings and ease pressure on one's Here are a few practical tips to support teens and teach financial literacy in the process. No surprise, it starts with truthful talk about the peer pressure itself. A study from Mydoh and RBC pointed out that teens are interested in the idea of financial independence, and it shows teens also want to improve their money skills. As spending pressures rise, the timing is perfect for parents to step in and talk about basic budgeting principles. It can be a conceptual conversation at first — dividing money into the big three buckets: spending, saving and giving — and then advancing the idea with a template, app or tracker so the teen can see precisely where the money is going. The goal is to show your kids they can enjoy some money now while saving for the future, too. In fact, this balancing act drives a positive money mindset free from the guilt parents are all too familiar with. Parents can encourage their kids to spend time with friends who share similar values regarding money. Suggesting low-cost or free activities promotes connection without the pressure to overspend. This is also an opportunity for parents to model how the friends they keep are aligned with their personal values. Instead of telling their child to ditch their expensive (and super annoying) friend group, encourage them to hang out with friends who share similar financial values — a lifelong skill worth mastering. Parents can guide their teen to identify what is truly important. This opens a dialogue to discuss the differences between needs and wants, helping teens figure out what brings actual value to their life, and what's going to make them truly happy. Spoiler alert. It's rarely another trip to Sephora. It might, however, be learning to invest in experiences, like a once-in-a-lifetime camping excursion, a class on photography (to take better pics for The Gram) or a concert in the park with friends. Memories last longer than any fashion trend, and they'll still be cool when the trend fades. There's budgeting, and then there's actual spending limits. These traditional limits often focus on the amount of allowance or a paycheque. But, what about getting maximum value for the money they do spend? Teaching teens how to stretch their money is a life skill, and opens the door to learning how to comparison shop, use coupons, hunt for seasonal discounts, and explore the world of second-hand markets. The goal is to show teens how to stay on budget, and get the things they want in the smartest way. It's the art of captaining their own financial ship, completely in control, allowing for smooth sailing through their social calendar. They can do more with their friends if they are clever with their purchases. The importance of money in a relationship is right up there with sex, trust, family and work. Parents, you know the peer pressure is high and that it is hard on many fronts, including mental health. Stay present for your kids and teach them how to make good money choices so they're not broke by Friday. And, if they mess up, which they will, create space for them to learn and grow. As you support them, you'll likely pick up a few more money tips of your own!
