The Moment of Tooth: Canadian Tooth Fairy Leaves an Average of $2.80
Visa Canada survey reveals 62 per cent of children will receive at least a loonie; American Tooth Fairy will pay more
Toronto, ON – August 21, 2014 – The Tooth Fairy has officially revealed the going rate for a baby tooth in Canada. According to a new Visa Canada survey released today, Canadian children under the age of 13 currently receive an average of $2.80 per tooth from the Tooth Fairy with Atlantic children receiving the most at $3.46 per tooth, and Quebec children receiving the least at $2.06 per tooth. The survey was conducted separately in the United States during the same time period and revealed the Canadian Tooth Fairy will leave 24 per cent less than the American Tooth Fairy. With the exchange rate taken into consideration, American children can expect to receive an average of $3.69 per tooth.*
Despite the difference, Canadian children are still making a striking rate of return on their teeth as 62 per cent of children can expect at least a loonie under their pillow and 46 per cent can expect at least a toonie. While only one per cent of children can expect less than a dollar under their pillow, 20 per cent of Canadian children can expect to find $5 or more for one tooth.
To help the Tooth Fairy determine the appropriate amount children should receive for a lost tooth, Visa Canada has launched a free Tooth Fairy calculator. The free calculator uses this year's survey data and factors in demographics such as gender, age, province, and family size to formulate how much money the Tooth Fairy is leaving in comparable households. The free Tooth Fairy calculator is now available at: www.practicalmoneyskills.ca/ToothFairy.
"Every child looks forward to receiving a visit from the Tooth Fairy and is especially excited to find a financial present under their pillow," said Michelle Michalak, Visa Canada's Head of Financial Literacy. "Our Tooth Fairy calculator enables parents to learn what the Tooth Fairy is leaving children in similar households, and following the Tooth Fairy's visit, parents can also take the opportunity to teach children how to save and wisely spend their earnings."
The survey examined the amount the Tooth Fairy will intend to leave per tooth to children across Canada. Notable regional findings include:
- Children in the Atlantic provinces receive a generous average of $3.46 per tooth, 35 per cent of children in these provinces can also expect to receive $5 or more per tooth.
- The Tooth Fairy is the least likely to pay Quebec a visit - 13 per cent of children receive no money for their lost teeth and of those who do, $2.06 is the average amount left per tooth.
- Children in Ontario will receive an average of $3.21 per tooth while their peers in Alberta closely follow at an average of $3.12 per tooth and British Columbian children receive an average of $2.47 per tooth.
- In the Prairies, 55 percent of children can expect to receive between $1 and $5 per tooth from the Tooth Fairy with a provincial average of $2.43 per tooth.
The Tooth Fairy calculator is part of Visa's ongoing mandate to promote financial literacy in Canada. Practical Money Skills is a free financial literacy program that helps Canadians understand the fundamentals of money management. The program features free online tools including various budget calculators, games, and information. To learn more please visit: www.practicalmoneyskills.ca.
To download a high resolution image of Visa Canada's Tooth Fairy infographic, please click here: www.practicalmoneyskills.ca/ToothFairy.
About the Survey
The survey results are based on approximately 3,000 telephone interviews among adults aged 18 or older and among approximately 1000 households with children under the age 13, in cooperation with GfK Canadian Omnibus Service.
The margin of error on a sample of 1000 is +/-3 percentage points.
Visa is a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable electronic payments. We operate one of the world's most advanced processing networks – VisaNet – that is capable of handling more than 47,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa's innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, pay ahead of time with prepaid or pay later with credit products. For more information, visit corporate.visa.com and @VisaNewsCA.
*USD amounts converted to CDN dollars based on exchange rate on Monday, June 16, 2014.
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