Take a stroll into a luxury department store and most of us won’t be shocked to stumble across a pair of $2,000 designer ankle boots.

But you might be shocked to see a giant white plush dragon — the kind an eight-year-old would beg their parents for — selling for the same eye-watering price.

Some of the smaller stuffies — charming croissants, donuts, penguins or potted plants wearing big smiles — are under $50. But the larger and harder-to-find ones, like the plush white dragon, cost thousands of dollars.

But teen and tween wish-lists built on the backs of viral trends ask for more than just stuffies. Children as young as seven are spending their allowance money or asking their parents to buy them expensive anti-aging serums sold to them on social media, according to the American Academy of Pediatrics.

Financial literacy vs. social media trends

The rise of influencer culture, as well as effortless digital payments, and the frenzy surrounding the latest must-have toy or accessory, can easily spin out into a financial nightmare for parents and their children.

It’s no surprise, then, that parents are worried about their children’s relationship with money. A new TD survey reveals that 6 in 10 Canadian parents polled are concerned about the influence of social media and online trends on their children’s spending.

Listed among those concerns is the ease with which children can make a purchase. Of the parents surveyed, nearly four in 10 (39%) are worried about contactless or tap payment via a card or phone and the rise of digital wallets.

More than a third of those surveyed (36%) expressed concern about the allure of subscription services and in-app purchases.

Targeting kids with trendy toys, especially ahead of the holidays, isn't necessarily a new tradition. But this perfect storm of peer pressure and easy spending has parents rethinking what financial literacy means for their children.

In the survey, nearly all respondents (96%) believe financial literacy is at least as important as online or media literacy, yet only 43% feel confident in their child's financial knowledge — a clear gap between intention and understanding. But it doesn’t need to be so frightful.

Kristy Irwin, Product Group Owner, Youth and Student at TD, has some strategies to help financially educate children where they're at.

Teach kids financial literacy (but make it fun)

Irwin believes that children as young as three years old can begin to understand basic concepts about money.

“The key to teaching them is to keep it fun,” she said.

For example, Irwin devised a creative way to teach her nine-year-old nephew about compound interest by creating a 30-day challenge game. She gifted him $5 at the beginning of the month and asked him each day if he wanted to keep it or spend it.

If he saved it, he earned interest, which she paid him. When he did decide to finally take the money, he saw that it could grow over time and learned the valuable lesson about interest.

Not every parent needs to come up with their own game, but it’s helpful to be open to the idea of bringing everyday financial decisions out in the open, Irwin said.

“It doesn’t need to be complicated,” she said.

“For a younger child, it can be as simple as explaining needs versus wants, and for an older child, incorporating practices like chores and allowances. Really, just starting early and starting simple is important.”

Make money conversations with kids a two-way street

While many parents surveyed are trying to teach their children to be fiscally responsible though time-tested techniques such as chores (46%) and allowances (42%), some parents can also learn new tricks from their kids.

More than half of the parents surveyed (57%) say that their children have taught them something new about money, either from apps or digital wallets to investing trends.

"Financial skills aren't just passed down — they can be developed together. Parents can guide their children while also being open to learning how younger generations think about saving and spending in a world that is rapidly changing," Irwin said.

"This two-way conversation can help create a strong, more informed approach to managing finances and making smart money decisions."

Parents can model financial literacy in daily life

While nearly all Canadian parents surveyed (99%) say they plan to discuss digital money habits with their children, with more than 58% planning to do so by the time their children turn 13, Irwin believes an easy way to do this is model good financial habits at home.

There are moments throughout the day that can be opportunities to teach financial literacy, she said.

Ask your kids to budget and help plan a grocery list for the family. Discuss why saving for a winter jacket might be a better investment than a new toy for them. Parents can also involve kids in planning family activities by having them research and calculate costs in advance.

When it comes to the pull of social media trends, Irwin suggests setting up a simple budget together, outlining what things cost.

Most importantly, do it together and as early as possible.

“A simple thing you can do is just take your kids to the bank with you and have some of those conversations with them when you open their first youth account,” she said.

When they acquire their first bank card, remind them that the source of their funds isn't endless and while their “wants” may tell them to buy that expensive stuffie, they may want to rethink how they're spending their money.

About the TD survey

This survey was undertaken by The Harris Poll Canada from September 15 to September 23, 2025, among 1,232 randomly selected Canadian parents of children under 18. For comparison purposes, a probability sample of this size has an estimated margin of error of ±2.8%, 19 times out of 20.