RBC poll reveals gap in students’ expectations on key life moments
1st year and 4th year students voice their greater expectations on earning their first $100K, settling down and having kids
TORONTO /CNW/ – The majority of students expect to achieve several key life moments – own first car, draw a great salary, pay off student debt, get married — within the first five years after graduating from post-secondary school, according to the 2016 RBC Student Finances Poll.
Yet, first- and fourth-year students differ on how quickly they will achieve some of these milestones. First-year students are more confident than their fourth-year counterparts that, within five years of graduation, they will:
“A lifetime passes from the moment you receive your acceptance letter and when you graduate from post-secondary school. The survey results show that goals and priorities evolve as perspectives and realities come into focus the closer you are to finishing school,” says Laura Plant, director of student banking, RBC.
Universal focus, conventional view
Overall, the survey suggests undergraduate students have a conventional view of when they will check off key milestones. Students at all levels have a universal focus on paying off debt before buying a home, getting married or having children. Here is their post-graduation timeline:
“I admire that most students have a roadmap for their life moments and that they aren’t afraid to have it all. Earning the first $100,000is a huge goal and could go a long way to achieving the future students envision for themselves. The key to achieving their plans in a realistic way is to have a detailed financial game plan and to regularly review those plans as life happens,” says Plant.
No matter how big or small the goals, here are four financial habits that will set up students for personal money management success in and out of school, according to Plant:
More resources and tools for students and their parents are available at RBC Student Solutions. It’s never too early to learn about budgeting and finances, find out more about your financial future.
About RBC Student Finances Poll
The online study, conducted by independent research company MARU | VCR&C, was of a nationally representative group of students enrolled in a Canadian college or university from March 14th to March 24, 2016. The total sample size was 1,507 with a margin of error of ±2.5 per cent.
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