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

By Hayatullah Amanat

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Oct. 28, 2022 (CTV Network) – A new poll conducted by RBC reveals that there is a significant understanding gap between parents and young people on personal finance. The poll, which surveyed both parents and young people aged 18 to 24, showed that the majority of young people (59 percent) were “very” or “extremely” in favor of -invest in their money in particular, because they face high prices and rising housing costs. Young people said they can be confident that they can save (83 percent) and invest (60 percent), and have a greater sense of financial responsibility (82 percent). Jason Storsley, senior vice president of everyday banking and consumer growth at RBC, said, “They have both an optimistic and positive view of the future, acknowledging the constraints but looking to take advantage of the opportunity. regain more power than they are given credit for.” and news release. The study also found that many young people 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 financing a home or retirement, one-third (32 percent) and one-fifth (19 percent) do. However, only 23 percent think their children are saving for a home and 12 percent for retirement. The research findings also show that the majority (83 percent) of young people see financial stability as a key to overall happiness. In addition, 83 percent said they need more information and support for money management and 68 percent feel very strongly. The RBC survey also revealed that more than 70 percent of young people see the cost of living as their biggest challenge following inflation and saving money for a home while parents say the main issue Their challenge as youth is to find a job that pays well, to find a job. they like and save for delivery. Additionally, 68 percent of young adults said they expect to travel on the side to supplement their income and 51 percent said they expect to be self-employed and He was a businessman at some point. However, only 44 percent and 35 percent of parents, respectively, said they knew their children would use this business method. The survey was conducted on June 16 and 21 of this year and involved 1,018 young Canadian adults and 510 parents who were randomly selected.

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