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RBC report says more than half of parents helping adult children financially
The RBC survey found groceries were the top expense, and 24% of helping parents gave adult children more than $10,000.
- A new Royal Bank of Canada report found 51% of Canadian parents with children aged 18 to 40 provided financial support in the past year, giving an average of $6,151.
- Rising living costs drive this trend, as the consumer price index climbed nearly 23% over six years, with food and shelter costs surging around 30%, according to Statistics Canada.
- Of parents providing aid, about 56% covered groceries, while 43% assisted with unexpected expenses and 24% helped pay rent; about 18% contributed between $10,000 and $19,999.
- Certified financial planner Cindy Marques observed more adult children moving home due to employment challenges and housing costs, straining some parents' retirement savings.
- RBC projections indicate the cost of living will increase over the next two to five years, with Lucianna Adragna, RBC vice-president, warning the economy remains in a "limbo position" post-COVID.
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The Toronto Star+10 Reposted by 10 other sources
RBC report says more than half of parents helping adult children financially
TORONTO - A new report by RBC says just over half of Canadian parents with adult children say they are still helping them out financially with expenses including groceries and
·Toronto, Canada
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More than half of parents helping adult children financially, RBC report says
A new report by RBC says just over half of Canadian parents with adult children say they are still helping them out financially with expenses including groceries and rent. The report says 51 per cent of parents with adult children aged 18 to 40 surveyed say they provided financial support in the…
Almost one-third (32%) of Canadian parents say that their children between the ages of 18 and 40 are not yet financially self-sustaining.
·Montreal, Canada
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Total News Sources14
Leaning Left6Leaning Right1Center3Last UpdatedBias Distribution60% Left
Bias Distribution
- 60% of the sources lean Left
60% Left
L 60%
C 30%
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