Nine in Ten (87%) Post-Secondary Students Report Still Having a Lot to Learn About Managing Finances
According to a new survey conducted by Ipsos Reid on behalf of RBC, nine in ten (87%) post-secondary students report that they still have a lot to learn about managing finances. Two in five students particularly indicate that they wish they knew how much all the `little extras' cost (42%) and knew more about budgeting (41%). Other monetary measures students wished they knew about include:
- How to plan for unexpected financial needs (42%)
- The details about paying back student loans (36%)
- How broke they might be when graduating (33%)
A majority (59%) of parents, on the other hand, wish their child knew the importance of starting to save and plan early. Despite this disagreement among students and parents, most students (80%) agree that their parents have been a good financial role model for them. Students also appear very inclined to discuss school-related finances with their parents, like taking on debt for school-related expenses (80%). Credit, however, seems more of a mystery.
Students are less knowledgeable about credit rating than their parents, although some parents are not knowledgeable enough to pass on information, according to the results of the Ipsos/RBC credit knowledge report card.
The 2014 RBC Student Finances Poll was conducted by Ipsos Reid through a national online survey of 1,180 students aged 17 to 24 and of 971 parents of students in post-secondary school (as of September 2014). Data were collected from June 6 to June 20, 2014. The results are based on a sample where quota sampling and weighting are employed to balance demographics and ensure that the sample's composition reflects that of the actual Canadian student population according to Census data. The precision of Ipsos online surveys is measured using a Bayesian credibility interval. In this case, the survey results are accurate to within +/- 3.3 percentage points, 19 times out of 20, had the entire population of post-secondary students in Canada been surveyed, and within +/-3.6 percentage points had all parents of post-secondary students been surveyed. All sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error, and measurement error.
For more information on this news release, please contact:
Sean Simpson
Vice President
Ipsos Reid
Public Affairs
(416) 572-4474
[email protected]
About Ipsos Reid
Ipsos Reid is Canada's market intelligence leader, the country's leading provider of public opinion research, and research partner for loyalty and forecasting and modelling insights. With operations in eight cities, Ipsos Reid employs more than 600 research professionals and support staff in Canada. The company has the biggest network of telephone call centres in the country, as well as the largest pre-recruited household and online panels. Ipsos Reid's marketing research and public affairs practices offer the premier suite of research vehicles in Canada, all of which provide clients with actionable and relevant information. Staffed with seasoned research consultants with extensive industry-specific backgrounds, Ipsos Reid offers syndicated information or custom solutions across key sectors of the Canadian economy, including consumer packaged goods, financial services, automotive, retail, and technology & telecommunications. Ipsos Reid is an Ipsos company, a leading global survey-based market research group.
To learn more, please visit www.ipsos.ca.
About Ipsos
Ipsos is an independent market research company controlled and managed by research professionals. Founded in France in 1975, Ipsos has grown into a worldwide research group with a strong presence in all key markets. Ipsos ranks third in the global research industry.
With offices in 86 countries, Ipsos delivers insightful expertise across six research specializations: advertising, customer loyalty, marketing, media, public affairs research, and survey management.
Ipsos researchers assess market potential and interpret market trends. They develop and build brands. They help clients build long-term relationships with their customers. They test advertising and study audience responses to various media and they measure public opinion around the globe.
Ipsos has been listed on the Paris Stock Exchange since 1999 and generated global revenues of e1,712,4 million (2 274 M$) in 2013.
Visit www.ipsos.com to learn more about Ipsos' offerings and capabilities.
