Millenials and baby boomers are often compared when it comes to their financial goals, and a recent survey shows while there are some similarities, there are also some generational differences.
BMO Wealth Management conducted a survey, wanting to determine what money (financial) issues are the biggest concern for Canada’s younger generation.
Chris Buttigieg with BMO Wealth Management told the Alberta Morning News Saturday, millenials are most concerned with paying down debt.
“They may have accumulated some student debts or perhaps have purchased their first home or a car payment. And right now top of mind is that question of reducing or eliminating that debt sooner and as soon as possible.”
Buttigieg said while saving for a home, retirement and children’s education is still important to millenials, what order they achieve them in and how soon, is different than it would have been for their parents.
He said the younger generation is definitely more educated at this stage of their life than those older than them, but still lack financial literacy.
“Only 24 per cent had a basic level of financial literacy, so that means just understanding what a mortgage is, or what assets and liabilities are, and how we can be investing more efficiently.”
He said financial literacy was revealed as a concern of the parents of millenials.
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