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 significant gaps in attitudes among parents and young adults on personal finance. The poll, which surveyed parents and young adults aged 18 to 24, revealed that a majority of young adults (59 percent) are “very” or “extremely” engaged with their finances especially, in the face of high inflation and rising living costs. Young adults said they were more likely to be confident in their ability to save (83 percent) and invest (60 percent), and felt they are more financially responsible (82 percent). “They both have an optimistic and pragmatic view of the future, recognizing the obstacles but trying to seize opportunities with more resilience than they are perhaps given credit for,” said Jason Storsley, 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 action to achieve longer-term financial goals even though b 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 are already doing so. However, only 23 percent think their children are saving for a home and 12 percent for retirement. The survey results also showed that a majority (83 percent) of young adults see financial stability as key to overall happiness. Also, 83 percent said they need more information and support in money management and 68 percent felt they were satisfied. The RBC survey also revealed that over 70 percent of young adults see cost of living as the biggest challenge following inflation and saving for a home and parents say their top challenges as a young adult were finding a job that pays well good, find a job. they like and saving for a mortgage. Also, 68 percent of young adults said they hope to take on another side 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 they were experts in their children taking these entrepreneurial paths. The survey was conducted on June 16 and 21 this year and involved 1,018 Canadian adults and 510 randomly selected parents.

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