Poll reveals gaps in perception between parents and young adults on personal finance

Author: Hayatullah Amanat

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October 28, 2022 (CTV Network) – A new survey conducted by RBC reveals that there are significant differences in perceptions of personal finances between parents and young adults. The survey, which surveyed both parents and young adults aged 18 to 24, found that a majority of young adults (59 percent) are “very” or “extremely” concerned about finances, especially as they face high inflation and the rising cost of living. Young adults said they have more confidence in their ability to save (83 percent) and invest (60 percent) and feel an increased sense of financial responsibility (82 percent). “They have both an optimistic and a pragmatic view of the future, acknowledging the obstacles but seizing opportunities with more resilience than they may be given credit for,” said Jason Storsley, senior vice president of everyday banking and client growth at RBC. in the press release. The survey also found that many young adults are taking steps to achieve long-term financial goals, while parents may not be aware that they are doing so. For example, when it comes to saving for housing or retirement, one-third (32 percent) and one-fifth (19 percent) already do so. However, only 23 percent think that their children will save for a home and 12 percent for retirement. The survey findings also showed that a majority (83 percent) of young adults see financial stability as key to overall happiness. In addition, 83 percent said they needed more information and support about money management, and 68 percent felt overwhelmed. The RBC survey also highlighted that more than 70 percent of young adults cite the cost of living as their biggest challenge, followed by inflation and saving for housing, while parents say their top challenges as a young adult were finding a job that pays well, find a job. they like and save for a mortgage. In addition, 68 percent of young adults said they expect to earn a side income, and 51 percent said they expect to be self-employed or entrepreneurs at some point. However, only 44 percent of parents and 35 percent of parents said they were experts in guiding their children down these entrepreneurial paths. The survey was conducted on June 16 and 21 this year and included 1,018 young Canadian adults and 510 randomly selected parents.

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