Mother Knows Best: The best financial advice from Canadian moms

For this week’s top story, we’re collecting the best pieces of financial advice from Canadian moms.

The most trusted financial advisor in many Canadians’ lives isn’t a professional—it’s their mom. A 2023 Loans Canada survey found nearly one in five people turn to their mother first for financial education. Here’s a roundup of the advice people learned from their moms—and what they’re sharing with the next generation.

The best money advice from Canadian moms

You can be the breadwinner 

“My dad was a community newspaper journalist in Belleville, and my mom was a marketing executive at Nortel. She taught me through osmosis that it’s OK for the woman to be the breadwinner. That really lit a fire under me, which I think has served me well in my career. What I’m trying to do with my girls is exactly what my parents did, which is to set an example by doing and to find opportunities to weave in teachable moments. I want to teach my girls that you’re not necessarily successful if you have money or material things. You’re successful if you have flexibility, time and freedom, and money is a way to achieve that.”

—Erin Bury, co-founder and CEO of Willful, mom of two

Making allowances

“My kids are both in their early 20s, and I credit their excellent money management to me giving them an allowance, which started when they were around six. There were no strings attached—they were allowed to spend it on anything. The amount was always ‘just enough’ that they'd have to learn to prioritize their wants; they might not be able to afford lunch, Starbucks and a Beanie Baby all in one week. But they could save up for what was important to them and what they wanted. That’s stuck. In fact, one of them feels a downpayment for a home in Toronto might be within reach by the time they’re 25.”

—Michelle Huang, Toronto, mom of two

Money is not a reflection of people’s character

“When it comes to money, I explain that some people are very lucky and some people are very unlucky and that actually has nothing to do with their abilities and what kind of people they are. Money is not a reflection of people’s character, and that’s really important to remember.”

—Moira Rose Váně, aka Moira Rose Financials, mom of two 

Save, save, save

“As soon as I got a part-time job with a pay stub at 17, my mom made me invest in an RRSP and another long-term saving plan. The amount was minimal, but it was my first lesson in finances. That same year, she made me borrow $1,000 from the bank, to establish my credit, even though I had the money I needed to buy my first used car. I was able to buy my first condo by myself before my 30th birthday, and the down payment came from the money I’d been putting aside paycheque by paycheque for a decade.”

—Isabel Picard, Montreal 

Learn how money works

“My mother’s mother was very smart and good with numbers. Of course, all of this influenced my mom. She saw how many of Nanny’s peers were left destitute or extremely confused when their husbands passed away or left the marriage. That’s why she always told us to learn how money worked. She told us to have your own credit card even if you have a joint one with a spouse. She said that wherever we lived, we should be named on the lease or mortgage and have at least one utility bill in our names to build our credit rating.”

—Jacki Hollywood Brown, Ottawa 

Be careful of debt

“‘Avoid debt when possible,’ was drilled into me early on. I had my bar mitzvah money invested to later cover my university tuition, so I wouldn’t need to take out any loans. They knew that debt could be crippling for students, especially those with poorly paid part-time jobs. My mom taught me that a credit card is only for backup and to never spend money that you don’t have. I’ve never gotten into credit card debt at all.”

—David Silverberg, Toronto 

A word of advice for mothers

“I see so many women bending over backward, doing everything they can for their kids. A lot of times I stop them and say, ‘Listen, the worst thing you could do right now is impoverish yourself so you can launch your kids well, and require them to support you when you’re old.’ That’s because they’ll be in an expensive time of their life, and trying to prepare for their own retirement. Instead, I encourage women to lead by example and teach their children how to manage their money. That is the greatest form of generational wealth we can pass on—not just money itself, but the skills and confidence to grow, protect and use it wisely.”

—Michelle Robertson, aka Ms. Money and Math

Read more from this issue of The Get:

1. Never bothered to calculate your net worth? It’s real easy math (promise)
2. MVP: Carlene Higgins on starting a beauty brand at 50
3. How to teach kids about money, even if they’d rather spend than save
4. Understanding debt consolidation and how to choose the right credit option