Financial management among young adults – realities and strategies Investment, tax, and lifestyle perspectives from RBC Wealth Management Services

 

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. As individuals advance through their youth, these skills take on a heightened level of importance as responsibilities and exposure increase. 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. 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. 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.

 

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