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Preparing for the future and providing for the next generation requires thoughtful and multifaceted planning, with consideration given to a range of different factors. In this edition of Perspectives, we focus on youth as our overarching theme, exploring topics we believe are relevant, timely, and valuable for families with children and grandchildren of all ages — from early years to teenagers, post-secondary to young adults.

The term “Millennials,” representing those roughly between the ages of 15 and 29, has been making recent headlines, becoming the largest percentage of the workforce and beginning to outnumber the Baby Boomers. In fact, by the year 2020, one in three adults will be a Millennial. With this in mind, it’s clear how integral financial literacy is for the next generation. This edition includes a comprehensive feature on smart financial management that focuses on four key age groupings, offering central concepts for families to focus on, along with practical tips, tools, and resources.

In addition, with post-secondary education costs almost tripling in the last 20 years, how best to finance this important investment is top of mind for many families. We will explore the benefits of establishing and withdrawing RESPs, as well as key strategies to maximize your investments. We have also compiled a useful reference guide with tax-planning tips for students.

Another important topic in today’s technology-driven world is cyber security for adults, youth, and children. This edition includes an insightful article to help educate your family about the best ways to stay safe in online environments. We also look at health from physical, social, and emotional perspectives, offering tips for a simplified approach to family nutrition, discussing the value of the summer camp experience, and examining mental health among Millennials.

Our RBC Foundation is likewise committed to the well-being of future generations through youth-focused initiatives, a few of which we have highlighted in this issue; we also share some exciting news about the RBC Race for the Kids series.

I am also happy to announce that Perspectives is now available in an online format. This marks an important step in our ongoing efforts to improve the ease with which clients can access information and reduce our paper footprint. If you are interested in subscribing to the online version, please email perspectives@rbc.com.

Please enjoy this edition of Perspectives. I hope it will provide practical value for you and your family. I encourage you to connect with your RBC Wealth Management Advisor to discuss how they can help you and the younger generations in your family reach your wealth planning objectives.

David Agnew, CEO
RBC Wealth Management Canada

This document has been prepared for use by the RBC Wealth Management member companies, RBC Dominion Securities Inc.*, RBC Phillips, Hager & North Investment Counsel Inc., RBC Global Asset Management Inc., Royal Trust Corporation of Canada and The Royal Trust Company (collectively, the “Companies”) and their affiliate, Royal Mutual Funds Inc. (RMFI). *Member – Canada Investor Protection Fund. Each of the Companies, RMFI and Royal Bank of Canada are separate corporate entities which are affiliates. “RBC advisor” refers to Private Bankers who are employees of Royal Bank of Canada and licensed representatives of RMFI, Investment Counsellors who are employees of RBC Phillips, Hager & North Investment Counsel Inc. and the private client division of RBC Global Asset Management Inc., Senior Trust Advisors and Trust Officers who are employees of The Royal Trust Company or Royal Trust Corporation of Canada, or Investment Advisors who are employees of RBC Dominion Securities Inc. In Quebec, financial planning services are provided by RMFI which is licensed as a financial services firm in that province. In the rest of Canada, financial planning services are available through RMFI, Royal Trust Corporation of Canada, The Royal Trust Company, or RBC Dominion Securities Inc. Estate and trust services are provided by Royal Trust Corporation of Canada and The Royal Trust Company. If specific products or services are not offered by one of the Companies, clients may request a referral to another RBC partner. The strategies, advice and technical content in this publication are provided for the general guidance and benefit of our clients, based on information believed to be accurate and complete, but neither the Companies, RMFI, nor Royal Bank of Canada, nor any of its affiliates nor any other person can guarantee accuracy or completeness. This publication is not intended as nor does it constitute tax or legal advice. Readers should consult a qualified legal, tax or other professional advisor when planning to implement a strategy. This will ensure that their individual circumstances have been considered properly and that action is taken on the latest available information. Interest rates, market conditions, tax rules, and other investment factors are subject to change. This information is not investment advice and should only be used in conjunction with a discussion with your RBC advisor. None of the Companies, RMFI, Royal Bank of Canada nor any of its affiliates nor any other person accepts any liability whatsoever for any direct or consequential loss arising from any use of this report or the information contained herein. In certain branch locations, one or more of the Companies may carry on business from premises shared with other Royal Bank of Canada affiliates. Notwithstanding this fact, each of the Companies is a separate business and personal information and confidential information relating to client accounts can only be disclosed to other RBC affiliates if required to service your needs, by law or with your consent. Under the RBC Code of Conduct, RBC Privacy Principles and RBC Conflict of Interest Policy confidential information may not be shared between RBC affiliates without a valid reason.

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