|By PR Newswire||
|September 3, 2014 05:00 AM EDT||
TORONTO, Sept. 3, 2014 /CNW/ - Both post-secondary students and their parents wish students knew more about personal finance and financial literacy, according to the latest 2014 RBC Student Finances Poll. Almost nine-in-ten students (87 per cent) reported that they still have a lot to learn about managing finances; more than a third (42 per cent) wished they knew the cost of small extras they required and 41 per cent wished they knew more about budgeting. The majority of parents (59 per cent), meanwhile, wished their students knew the importance of saving and early planning.
Students are also concerned about unexpected financial needs, the details of paying back their student loans, and the shape of their finances upon graduation. Students overwhelmingly agree that their parents have been good financial role models, and are very inclined to discuss school-related finances. Credit, however, is more of a mystery.
"Interestingly, while students say they have a lot to learn about managing their finances, credit knowledge remains a bit of a mystery to students and parents alike," said Melissa Jarman, director, Student Banking, Royal Bank of Canada. "In our report card, students were less knowledgeable about credit than their parents, but some parents didn't fare all that much better. This shows us that there is a lot for both parents and their children to learn about managing finances to ensure that everyone is getting the right information. Speaking to a financial advisor about managing finances, including credit, is an important step for anyone."
This isn't to say that students aren't interested in their parents' opinions when it comes to things like taking on debt - in fact, 80 per cent of students responded that they ask their parents about the topic, and consult their parents on financial issues on everything from major purchases to investing.
"Maintaining a strong credit score will help students later in life as their goals change from paying for education to buying their first car, starting a business or buying their first home," said Jarman. "It's our job to help people understand how using credit responsibly can help them down the line. Many students get their first credit card when they begin post-secondary education, so this is the time to educate them on responsible credit use."
To help parents and students increase their financial knowledge, RBC is sharing some myths and realities of credit scores.
Myths & Realities of Credit Scores
Myth: There is no harm paying your bills late as long as it only happens
Reality: Missing even one bill payment can negatively affect your credit rating - this includes your mobile phone, internet and credit card bills.
Myth: Applying for a lot of different credit cards doesn't affect your credit
Reality: Applying for a lot of different credit cards can hurt your credit score, so don't apply for a card for the free swag that comes with it - it could end up costing you more in the end.
Myth: In Canada, your credit rating is affected by your age, income and
gender. The higher a person's income, the better that person's credit
rating will be.
Reality: Your credit rating is based on your record of managing your finances responsibly. Lenders look at how you handle your financial obligations, such as whether you pay your monthly bills on time, carry a balance, or regularly miss payments.
Myth: Checking your own credit will harm your credit standing.
Reality: Checking your own credit history does not affect your credit rating. In fact, it's recommended that you request a report on an annual basis to check for errors.
Myth: Asking for lower limit on any credit product will help your credit
Reality: Lenders like to see a big gap between your available limit and the amount of credit you're actually using. Apply for the credit you need and use it responsibly. While it's best to pay off your balance in full each month, you should always make the minimum payment.
About RBC's financial planning advice, resources and interactive tools
RBC's Advice Centre offers advice and tools for students. Interactive tools and calculators provide customized information covering many facets of personal finance, including the Student Budget Calculator and the Debt Reduction Plan. With the guidance of RBC advisors who are available to chat live, Canadians have access to free, no-obligation professional advice about RBC products and services and personalized one-on-one service. Further information is available at rbcadvicecentre.com. In addition, RBC's myFinanceTracker, a comprehensive online financial management tool, offers all personal RBC online banking clients the ability, at no cost, to create a set budget and track their spending habits. As well, RBC Virtual Visa Debit enables clients to pay for online, over the phone, or mail order purchases with funds directly from their bank account.
About RBC Student Finances Poll 2014
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. Quota samples with weighting from the Ipsos online panel provide results that are intended to approximate a probability sample. An unweighted, probability sample of this size, with 100 per cent response rate, would have an estimated margin of error of ±3 percentage points, 19 times out of 20. All sample surveys and polls may be subject to other sources of error, including, but not limited to, coverage error and measurement error.
Royal Bank of Canada is Canada's largest bank, and one of the largest banks in the world, based on market capitalization. We are one of North America's leading diversified financial services companies, and provide personal and commercial banking, wealth management services, insurance, investor services and capital markets products and services on a global basis. We employ approximately 79,000 full- and part-time employees who serve more than 16 million personal, business, public sector and institutional clients through offices in Canada, the U.S. and 40 other countries. For more information, please visit rbc.com.
RBC supports a broad range of community initiatives through donations, sponsorships and employee volunteer activities. In 2013, we contributed more than $104 million to causes worldwide, including donations and community investments of more than $69 million and $35 million in sponsorships. Learn more at www.rbc.com/community-sustainability.
Image with caption: "RBC Poll: Are post-secondary students making the grade when it comes to credit knowledge? (CNW Group/RBC)". Image available at: http://photos.newswire.ca/images/download/20140903_C8244_PHOTO_EN_42583.jpg
@GonzalezCarmen has been ranked the Number One Influencer and @ThingsExpo has been named the Number One Brand in the “M2M 2016: Top 100 Influencers and Brands” by Analytic. Onalytica analyzed tweets over the last 6 months mentioning the keywords M2M OR “Machine to Machine.” They then identified the top 100 most influential brands and individuals leading the discussion on Twitter.
Apr. 24, 2017 11:45 PM EDT Reads: 687
Grape Up is a software company, specialized in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market across the USA and Europe, we work with a variety of customers from emerging startups to Fortune 1000 companies.
Apr. 24, 2017 11:30 PM EDT Reads: 2,134
Financial Technology has become a topic of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 20th Cloud Expo at the Javits Center in New York, June 6-8, 2017, will find fresh new content in a new track called FinTech.
Apr. 24, 2017 11:15 PM EDT Reads: 2,263
New competitors, disruptive technologies, and growing expectations are pushing every business to both adopt and deliver new digital services. This ‘Digital Transformation’ demands rapid delivery and continuous iteration of new competitive services via multiple channels, which in turn demands new service delivery techniques – including DevOps. In this power panel at @DevOpsSummit 20th Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, panelists will examine how DevOps helps to meet th...
Apr. 24, 2017 11:15 PM EDT Reads: 774
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend @CloudExpo | @ThingsExpo, June 6-8, 2017, at the Javits Center in New York City, NY and October 31 - November 2, 2017, Santa Clara Convention Center, CA. Learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
Apr. 24, 2017 11:00 PM EDT Reads: 775
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 20th Cloud Expo, which will take place on June 6-8, 2017 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 add...
Apr. 24, 2017 10:45 PM EDT Reads: 1,724
@DevOpsSummit at Cloud taking place June 6-8, 2017, at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long developm...
Apr. 24, 2017 10:45 PM EDT Reads: 2,091
SYS-CON Events announced today that Hitachi, the leading provider the Internet of Things and Digital Transformation, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Hitachi Data Systems, a wholly owned subsidiary of Hitachi, Ltd., offers an integrated portfolio of services and solutions that enable digital transformation through enhanced data management, governance, mobility and analytics. We help globa...
Apr. 24, 2017 10:45 PM EDT Reads: 701
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
Apr. 24, 2017 10:00 PM EDT Reads: 792
The age of Digital Disruption is evolving into the next era – Digital Cohesion, an age in which applications securely self-assemble and deliver predictive services that continuously adapt to user behavior. Information from devices, sensors and applications around us will drive services seamlessly across mobile and fixed devices/infrastructure. This evolution is happening now in software defined services and secure networking. Four key drivers – Performance, Economics, Interoperability and Trust ...
Apr. 24, 2017 09:45 PM EDT Reads: 3,615
Blockchain is a shared, secure record of exchange that establishes trust, accountability and transparency across supply chain networks. Supported by the Linux Foundation's open source, open-standards based Hyperledger Project, Blockchain has the potential to improve regulatory compliance, reduce cost and time for product recall as well as advance trade. Are you curious about Blockchain and how it can provide you with new opportunities for innovation and growth? In her session at 20th Cloud Exp...
Apr. 24, 2017 09:15 PM EDT Reads: 1,647
Five years ago development was seen as a dead-end career, now it’s anything but – with an explosion in mobile and IoT initiatives increasing the demand for skilled engineers. But apart from having a ready supply of great coders, what constitutes true ‘DevOps Royalty’? It’ll be the ability to craft resilient architectures, supportability, security everywhere across the software lifecycle. In his keynote at @DevOpsSummit at 20th Cloud Expo, Jeffrey Scheaffer, GM and SVP, Continuous Delivery Busin...
Apr. 24, 2017 08:15 PM EDT Reads: 431
Multiple data types are pouring into IoT deployments. Data is coming in small packages as well as enormous files and data streams of many sizes. Widespread use of mobile devices adds to the total. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists will look at the tools and environments that are being put to use in IoT deployments, as well as the team skills a modern enterprise IT shop needs to keep things running, get a handle on all this data, and deli...
Apr. 24, 2017 07:45 PM EDT Reads: 2,151
In recent years, containers have taken the world by storm. Companies of all sizes and industries have realized the massive benefits of containers, such as unprecedented mobility, higher hardware utilization, and increased flexibility and agility; however, many containers today are non-persistent. Containers without persistence miss out on many benefits, and in many cases simply pass the responsibility of persistence onto other infrastructure, adding additional complexity.
Apr. 24, 2017 07:30 PM EDT Reads: 2,113
Cloud Expo, Inc. has announced today that Aruna Ravichandran, vice president of DevOps Product and Solutions Marketing at CA Technologies, has been named co-conference chair of DevOps at Cloud Expo 2017. The @DevOpsSummit at Cloud Expo New York will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and @DevOpsSummit at Cloud Expo Silicon Valley will take place Oct. 31-Nov. 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Apr. 24, 2017 07:15 PM EDT Reads: 2,408