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 are striking gaps in the views of parents and young adults on personal finance. The poll, which surveyed parents and young adults ages 18 to 24, showed that a majority of young adults (59 percent) are “very” or “extremely” in control of their finances, specifically, because they are facing high inflation and rising cost of living. Young adults said they are more likely to be confident in their ability to save (83 percent) and invest (60 percent), and experience increased feelings of financial responsibility (82 percent). “They have an optimistic and pragmatic view of the future, recognizing obstacles but looking to seize opportunities with more tenacity than they are perhaps given credit for,” Jason Storsley, senior vice president of everyday banking and client growth at RBC, said in a news release. The survey also found that many young adults are taking steps to achieve longer-term financial goals while parents may not even know they are doing so. For example, when it comes to saving for a home or retirement, one in three (32 percent) and one in five (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 revealed that the majority (83 percent) of young adults see financial stability as the key to overall happiness. In addition, 83 percent stated that they needed more information and support in 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 main challenges as a young adult are finding a job that pays well, finding a job. they like to save up to get a loan. Additionally, 68 percent of young adults say they hope to take up a side hustle to supplement their income and 51 percent say they hope to work for themselves or become an entrepreneur in one point. However, only 44 percent and 35 percent of parents, respectively, say their children are experts in taking these business routes. The survey was conducted on June 16 and 21 this year and involved 1,018 young Canadian adults and 510 parents who were randomly selected.

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