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

By Hayatullah Amanat

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October 28, 2022 (CTV Network) – A new poll conducted by RBC reveals that there are striking perception gaps among parents and young adults about personal finance. The poll, which surveyed both parents and young adults aged 18 to 24, indicated that the majority of young adults (59 percent) are “very” or “extremely” involved in their finances, especially as they face high inflation and rising living costs in face to face Young adults said they were more likely to be confident in their ability to save (83 percent) and invest (60 percent), and experienced increased feelings of financial responsibility (82 percent). “They have both an optimistic and pragmatic view of the future, recognizing the obstacles but looking for opportunities with more resilience than they may be given credit for,” Jason Storsley, senior vice president of everyday banking and client growth at RBC, said in a news release. The survey also found that many young adults are taking action 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 a home or retirement, one-third (32 percent) and one-fifth (19 percent) are already doing so, respectively. However, only 23 percent think their children are saving for a home and 12 percent for retirement. The survey findings also revealed that the 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 see cost of living as their biggest challenge, followed by inflation and saving for a home, while parents say their biggest challenges as a young adult was finding a job that pays well, to get a job. they like and save for a mortgage. Additionally, 68 percent of young adults said they expect to take on a side job to supplement their income and 51 percent said they expect to be self-employed or an entrepreneur at some point. However, only 44 percent and 35 percent of parents, respectively, said they knew their children would follow these entrepreneurial routes. The survey was conducted on June 16 and 21 this year and involved 1,018 young Canadian adults and 510 parents who were randomly selected.

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