Press release from CNW Group
It's time parents have "The Talk" with their kids - and it's not the talk you think
Wednesday, April 17, 2013
It's time parents have "The Talk" with their kids - and it's not the talk you think10:40 EDT Wednesday, April 17, 2013
Scotiabank study reveals one of the leading reasons Canadians started investing was their parents' advice
TORONTO, April 17, 2013 /CNW/ - A recent Scotiabank study shows that parental encouragement was the trigger for 17% of adults to start investing, second only to entering the workforce (39%). Interestingly, when Canadians were asked if they could do it all over again, 44% of those over 55 years of age said they wished they started investing at an earlier age.
"To avoid regrets later, younger Canadians should take an active interest in their financial future - a great first step is for them to talk through their financial goals with their parents. Make financial planning a regular discussion - whether at the kitchen table or with a financial advisor," said Mike Henry, Senior Vice President of Retail Payments, Deposits and Lending at Scotiabank. "The key here is that you're never too young to have a financial plan and it doesn't need to be complicated. Whether you are still in school or about to graduate, building strong saving and investing habits early is something that will help you throughout your life."
In order to help Canadians avoid "investors' remorse," Scotiabank offers tips for Canadians looking to have a discussion about how to start thinking seriously about their financial life. Here are some helpful conversation starters:
- What Are Your Financial Goals?
- Make sure you understand what your financial goals are before you begin making investment choices. What are your short, medium, and long-term goals? Once you know where you want to end up, it is easier to work backwards to see what you will need to do to get there.
- Get It on Paper:
- Creating a plan doesn't have to be painful. Grab a pen or laptop and start listing out what you need vs. what you want over the next five years. Once you have an idea about what your top goals are, you have a great jumping off place to work with your parents and bank to write a savings and investing plan that works for you and your lifestyle.
- Pay Yourself First and Regularly:
- Having money automatically transferred from your bank account to a TFSA, RSP or other investment account on a regular basis is an easy, convenient, and disciplined way for you to reach your goals.
- Keeping Track of Money:
- Using online banking or mobile banking is a great way to constantly keep on top of how much you are spending and where. Setting up text messages or email alerts can also be helpful reminders. Track your spending and saving to distinguish between your wants and needs to help free up cash that can be used for investing or saving.
- Review Financial Progress:
- As part of a yearly review, set attainable targets, such as increasing your regular monthly RSP contribution, or paying off debt more quickly. Major changes to a life situation, such as marriage or purchasing a home, should also prompt a review of your plan.
About the polling data
The 2012 Scotiabank Investment Poll was conducted online using Harris/Decima's proprietary panel. A total of 1,003 surveys were conducted from a random sample of panel members aged 18 years and over across Canada. The study was conducted from November 28th to December 13th, 2012.
Scotiabank is a leading multinational financial services provider and Canada's most international bank. With more than 82,000 employees, Scotiabank and its affiliates serve some 19 million customers in more than 55 countries around the world. Scotiabank offers a broad range of products and services including personal, commercial, corporate and investment banking. In December 2012, Scotiabank became the first Canadian bank to be named Global Bank of the Year and Bank of the Year in the Americas by The Banker magazine, a Financial Times publication. With assets of $736 billion (as at January 31, 2013), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit www.scotiabank.com.
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