96% of Canadians have supported their adult children financially: poll
Posted February 28, 2019 7:17 am.
Last Updated February 28, 2019 7:36 am.
This article is more than 5 years old.
VANCOUVER (NEWS 1130) – It seems the majority of Canadians are funding their children’s lives into adulthood with the money they may need for their own retirement.
A 2019 RBC Family Finances Poll found that about 96 per cent of parents have helped their 18-35-year-old kids financially.
Rick Lowes is with RBC says a lot of younger Canadians say they are struggling to make ends meet.
“You’ve got two-thirds struggling to become financially independent,” Lowed adds. “If you see B.C., they sort of stand out you know even more so from some of the rest of the markets. I think B.C. certainly does because of that cost of living, because of the higher priced housing market.”
He says Canadians who support their adult kids will spend about $56,000 per year to help them make ends meet.
“Disproportionally high amount for living expenses and I think that makes a lot of sense given the high cost of housing and living within the BC market that certainly strikes me as a natural sort of opportunity for parents to help their children,” he adds.
Lowes adds while many parents say they are happy they are in a position to provide this support, one-third fear it may prolong their retirement plans entirely.
