Canadian millennials have competing sources of advice on how to balance financial priorities, including their parents and peers.
But as a recent TD survey discovered, only a third of Gen Y Canadians turn to financial professionals for help, even though those who do work with a financial advisor say they are more likely to have money left over each month to put towards their financial goals.
TD Canada Trust commissioned Environics Research Group to conduct an online custom survey of 1,323 Gen Y Canadians within a broader sample of 6,015 Canadians aged 18 years and older. Responses were collected between February 11 and 25.
The survey found that two in five Gen Y Canadians consider parents their most trusted financial advisor.
“Good financial habits are something everyone can develop, and for many people, that starts with learning from their parents, followed up with specialized advice that a financial expert can provide,” says Raymond Chun, senior vice president, everyday banking, personal & indirect lending, TD Canada Trust.
“Parents have a lot of wisdom to pass along, but with the wide variety of financial products and services available today, it’s understandable they might not have all of the answers their children need.”
The fundamentals of personal finance, such as managing a budget, don’t change from generation to generation — it’s balancing money-in with money-out. But Chun says what can change are the economic realities facing younger Canadians, which is why they should build a strong financial routine with the right blend of professional and familial financial advice.
Starting good habits from the first pay cheque and talking to a financial advisor to complement the advice from parents can set the foundation for achieving short-term and long-term financial goals, he says.