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

Hayatullah Amanat

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Oct. 28, 2022 (CTV Network) — A new poll by RBC shows a significant gap in how parents and young adults feel about personal finance. The poll, which surveyed parents and 18- to 24-year-olds, found that the majority of young people (59%) were “very” or “extremely” engaged in financial work, especially as they faced high inflation and rising inflation cost of living. Young people say they are more likely to feel more confident in their ability to save (83%) and invest (60%) and feel more financially responsible (82%). Jason Storsley, senior vice president of day-to-day banking and customer growth at RBC, said: “They have an optimistic and pragmatic view of the future, acknowledging obstacles but wanting to be more resilient than they thought. way to take advantage of opportunities.” in a press release. The survey also found that many young people are taking actions to achieve long-term financial goals that parents may not know they are doing. For example, when it comes to saving for housing or retirement, one-third (32%) and one-fifth (19%), respectively, have already done so. However, only 23% believe their children are saving for housing, while 12% believe their children are for retirement. The survey results also showed that a majority (83%) of young people believe that financial stability is the key to overall well-being. Additionally, 83% said they needed more information and support on money management, and 68% felt overwhelmed. The RBC survey also highlighted that more than 70 per cent of young people cite the cost of living as their biggest challenge, followed by inflation and saving for housing, while parents say their main challenge as young people is finding a good salary jobs, find a job they love and save for a mortgage. In addition, 68% of young people said they hope to increase their income by working part-time, and 51% of young people said they hope to work for themselves or become an entrepreneur at some point. However, only 44% and 35% of parents, respectively, said they thought their children would take these entrepreneurial routes. The survey, conducted June 16-21 this year, involved a random sample of 1,018 young Canadians and 510 parents.

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