Personal finance poll shows gaps between parents and kids

A new survey by RBC reveals that there are significant gaps in perception between parents and young adults about personal finance.

The survey, which surveys both parents and 18- to 24-year-olds, found that most young people (59 percent) are “very” or “extremely” engaged in their finances, especially as they face a high inflation and the increase in the cost of living.

Young adults said they were more likely to have confidence in their ability to save (83 percent) and invest (60 percent), and experienced a greater sense of financial responsibility (82 percent).

“They have an optimistic and pragmatic view of the future, recognizing the obstacles but looking to seize opportunities with more resilience than perhaps given credit for,” said Jason Storsley, RBC’s senior vice president of everyday banking and client growth. in a press release.

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The survey also found that many young adults are taking steps to achieve long-term financial goals, while parents may not know they’re doing so. For example, when it comes to saving for a home or retirement, a third (32 percent) and a fifth (19 percent), respectively, are already doing so. However, only 23 percent think their children are saving for a home and 12 percent for retirement.

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The survey results also revealed that a majority (83 percent) of young adults see financial stability as key to overall happiness. In addition, 83 percent said 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 top challenges as young adults were finding a job that paid well, find a job. they like and save for a mortgage.

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Additionally, 68 percent of young adults said they hope to pursue a side hustle to supplement their income, and 51 percent said they hope to be self-employed or self-employed at some point. However, only 44 percent and 35 percent of parents, respectively, said they know 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 parents who were randomly selected.

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