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 survey conducted by RBC reveals that there are notable differences in perceptions among parents and young adults about personal finance. The survey, which surveyed both parents and young adults ages 18 to 24, indicated that the majority of young adults (59 percent) are “very” or “extremely” engaged in their finances, particularly because they face the high inflation and rising cost of living. 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). Jason Storsley, senior vice president of day-to-day banking and client growth at RBC, said: “They have an optimistic and pragmatic view of the future, recognizing the obstacles but looking to take advantage of the opportunities with more determination than perhaps given credit for. for them. in a news. The survey also found that many young adults are taking actions in order to achieve long-term financial goals while their parents may not know they are doing so. For example, when it comes to saving for a home or retirement, a third (32 percent) and a fifth (19 percent) respectively, have already done so. However, only 23 percent think their children are saving for a home and 12 percent for retirement. The survey findings also reveal that the majority (83 percent) of young adults see financial stability as key to overall happiness. In addition, 83 percent stated that they need more information and support about money management and 68 percent feel overwhelmed. The RBC survey also highlighted that more than 70 percent of young adults see the cost of living as their biggest challenge followed by inflation and saving for a home while parents say their main challenge as a young adult is finding a paying job well, get a job. they love and save for a mortgage. Additionally, 68 percent of young adults said they hope to take on a side hustle to supplement their income and 51 percent said they hope to be self-employed or an entrepreneur at some point. However, only 44 percent and 35 percent of parents, respectively, said that they are experts their children would take these entrepreneurial paths. The survey was conducted on June 16 and 21 this year and involved 1,018 Canadian young adults and 510 randomly selected parents.

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