TORONTO, April 23, 2012 — When it comes to managing cash flow, or lack thereof, today's 20-somethings have a lot to think about. Competing priorities can include paying down student loans, budgeting, saving for the future and managing everyday expenses.
The top three most important financial priorities for Canadians between the ages of 18 to 34, according to a recent RBC poll, include: owning a home (49 per cent), reducing or eliminating debt through regular payments (48 per cent), and general savings for a rainy day/emergency fund (39 per cent).
"Establishing financial independence is a marathon not a sprint," said Melissa Jarman, director, Student Banking, RBC. "Whether the priority is paying down debt or saving for a house, making a few smart changes and speaking with an expert can help you balance competing demands and achieve your financial goals."
Jarman offers five financial tips for 20-somethings:
About RBC's financial planning advice, resources and interactive tools
RBC's Better Student Life website offers advice and tools for students. The RBC Advice Centre offers free online advice, resources and tools regarding RRSPs - including the RSP-Matic® Savings Calculator and updates on the federal government's RRSP Home Buyers' Plan. Whether Canadians want to save and invest, buy their first home, get more from their day-to-day banking, protect what's important, or take care of their businesses, the RBC Advice Centre can help answer their questions. Interactive tools and calculators provide customized information covering many facets of personal finance, including the Debt Reduction Plan and the Debt Consolidation Calculator. With the guidance of RBC advisors who are available to chat live, Canadians have access to free, no-obligation professional advice about RBC products and services and personalized one-on-one service. Further information is available at rbcadvicecentre.com. In addition, RBC's myFinanceTracker, a comprehensive online financial management tool, offers all personal RBC online banking clients the ability, at no cost, to create a set budget and track their spending habits and to access the new myTax Centre, to help manage and plan their taxes.
About the RBC Poll
This survey was conducted by Ipsos Reid between October 24 and November 15, 2011 via a random sample of 1,224 adults in the general population (285 respondents aged 18 to 34). The results are based on samples where quota sampling and weighting are employed to balance demographics and ensure that the sample's composition reflects that of the actual population according to Census data. Quota samples with weighting from the Ipsos online panel provide results that are intended to approximate a probability sample. A weighted probability sample of 1,224 Canadian respondents, with 100 per cent response rate, would have an estimated margin of error of ±3 per cent, 19 times out of 20.