2 At the same time, however, the younger generation seems to be struggling to balance short-term and long-term saving. For example, according to a recent poll of young Canadians, 49 percent want to own a home and 48 percent want to make reducing or eliminating debt through regular payments a priority. While personal situation and an individual’s habits and level of responsibility should always play a key role in determining readiness, some statistics indicate that many young adults these days are prioritizing financial planning and do share many of the same goals as their parents’ generation. The source of these worries is generally rooted in two things: not knowing if their younger family members possess the financial responsibility needed to manage the funds in appropriate ways, and whether passing wealth down in this way will encourage a sense of entitlement among the younger generation and discourage their motivation to actively build their own financial resources.
Today’s young adults-a financial snapshotįor individuals and families who have reached a life stage where they’re beginning to think about and plan for transferring wealth to their children and/or grandchildren, there may be an element of concern among some in doing so. Add to that the fact that today’s young adults will be the main receivers of what’s being labelled the largest wealth transfer in history over the coming decades, and financial literacy takes on an immense level of importance during this period of change. When you consider that over one million young adults are attending universities across Canada in the 2016–2017 academic year, and 300,000 will graduate and enter the workforce in 2017, 1 it’s clear how crucial financial management skills are among this demographic and into early adulthood. This holds especially true for those who are currently attending or have recently graduated from post-secondary institutions, as this is a time when many individuals typically experience a major shift into greater financial independence. As individuals advance through their youth, these skills take on a heightened level of importance as responsibilities and exposure increase. From an early age, learning the basics of money smarts can go a long way in positively setting the stage for informed and proactive financial decision-making.
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