This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Millennials: Getting The Right Mix Of Financial Advice From Professionals And Family

Stock quotes in this article: TD

TD survey finds more than two in five Gen Y Canadians consider parents their most trusted financial advisor

TORONTO, April 28, 2014 /CNW/ - Canadian millennials have a difficult set of competing financial priorities such as monthly bills, paying down student loans, covering a night out and still trying to put something aside towards their savings. They also have competing sources of advice on how to balance those priorities, including their parents and peers. But as a recent TD survey discovered, only a third of Gen Y Canadians turn to a bank financial expert for help, even though those who do work with a financial advisor say they are more likely to have money left over each month to put towards their financial goals.

"Good financial habits are something everyone can develop, and for many people, that starts with learning from their parents, followed up with specialized advice that a financial expert can provide," said Raymond Chun, Senior Vice President, Everyday Banking, Personal & Indirect Lending, TD Canada Trust. "Parents have a lot of wisdom to pass along, but with the wide variety of financial products and services available today, it's understandable they might not have all of the answers their children need."

The fundamentals of personal finance, such as managing a budget, don't change from generation to generation - it's balancing money-in with money-out. But Chun says what can change are the economic realities facing younger Canadians, which is why they should build a strong financial routine with the right blend of professional and familial financial advice.

Casie Stewart is a 31-year-old social media specialist and blogger who recently spent five years paying off her student debt. She agrees her parents are good role models when it comes to responsible financial habits but says their specific financial advice doesn't always apply to her situation.

"My parents always taught me to save, but it's difficult when you don't have much money coming in," she said.  "It was haunting to have debt from school and I didn't know how to manage it."

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,042.90 -28.32 -0.17%
S&P 500 1,972.29 -5.51 -0.28%
NASDAQ 4,493.39 -12.4620 -0.28%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs