Students have ambitious five-year plansBy Andrew Rickard | August 10 2016 10:01AM
Many university students expect to pay off their debts, earn their first $100,000, and buy homes within five years of graduation.
RBC released its 2016 Student Finances Poll last week. It shows that 55% of fourth-year university students believe they will earn their first $100,000 within five years of graduation; first-year students were even more optimistic with 64% expecting to reach this milestone five years after leaving school.
What's more, the poll of more than 1,500 students revealed that 78% expect to pay off their student debts within five years of graduation, 53% expect to get married, and 49% intend to buy a home within that time frame.
"The survey results show that goals and priorities evolve as perspectives and realities come into focus the closer you are to finishing school," says Laura Plant, director of student banking, RBC. "I admire that most students have a roadmap for their life moments and that they aren't afraid to have it all. Earning the first $100,000 is a huge goal and could go a long way to achieving the future students envision for themselves. The key to achieving their plans in a realistic way is to have a detailed financial game plan and to regularly review those plans as life happens."