A recent RBC poll shows that many Canadians believe they have good financial habits, but experts say young consumers are struggling with budgeting, saving, and managing debt. A financial planner shares a case study of a client in their mid-20s who faced a financial crisis due to lack of savings and uncontrolled spending.
Young consumers are still missing the basics, experts say. Budgeting , saving, planning for emergencies, using credit cards correctly — advisers are seeing young clients who struggle to grasp the fundamental principles.
Knoblach corrected his course: watching expenses, taking cooking classes, making his own meals, paying down his credit card balance, starting to save. “Starting to save early has numerous benefits, the most important being the ability to consistently live below one’s means.” Even with massive student loans from advanced degrees and doctorates, young people still need to pay themselves. Relying on credit cards to fill gaps means they’re dealing with crushing interest.
“I’ve sat down with young couples and I started asking questions about debt, and they’ve got three or four credit cards, and they’re carrying balances on all of them,” she added. “And the rate, I’ve seen anywhere from 15 to 30 per cent, depending on the card. Like, that’s never going to get paid off, right?”
Financial Literacy Young Adults Budgeting Debt Management Savings
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