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 shows that there is a significant perception gap between parents and young adults on 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” involved in their finances, especially as they face high inflation and rising living costs. are Young adults say they are more likely to be confident in their ability to save (83 percent) and invest (60 percent) and have an increased sense of financial responsibility (82 percent). “They have both an optimistic and pragmatic view of the future, acknowledging the constraints but looking to seize opportunities with more flexibility than they’ve probably been given credit for,” said Jason Storrs, senior vice president of everyday banking and client growth at RBC. In a news 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 a home or retirement, one-third (32 percent) and one-fifth (19 percent) have already done so, respectively. However, only 23 percent think their children have saved for a house and 12 percent for retirement. The survey results also revealed that a majority (83 percent) of young adults believe financial stability is important to overall happiness. Furthermore, 83 percent said they needed more information and support on money management and 68 percent felt 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 challenge as a young adult is finding a good-paying job, finding a job. They love and save for a mortgage. Additionally, 68 percent of young adults said they expect to take on a side hustle to supplement their income and 51 percent said they hope to work for themselves or become an entrepreneur at some point. However, 44 percent and 35 percent of parents, respectively, said that their children are experts in adopting the entrepreneurial path. The survey was conducted on June 16 and 21 this year and included 1,018 young Canadian adults and 510 parents who were randomly selected.

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