A new poll conducted by RBC reveals that there are notable perception gaps among parents and young adults on personal finance.
Young adults said they were more likely to be confident in their ability to save and invest , and experienced increased feelings of financial responsibility . The survey also found that many young adults are taking action in order to achieve longer term financial goals while parents may not be aware they’re doing so. For instance, when it comes to saving for house or retirement, one-third and one-fifth respectively, are already doing so. However, only 23 per cent think their children are saving for a home and 12 per cent for retirement.
The RBC survey also highlighted that over 70 per cent of young adults see 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 were finding a job that pays well, finding a job they like and saving for a mortgage.
What?! You mean money doesn't grow on trees!?
Maybe the reason why is because schools are too busy grooming kids into believing boys & girls don't exist & it's okay to chop your privates off & live in make-belief than teach important aspects of life like proper mathematics. Banking & money should be taught EARLY in schools.