New Canadian ‘family plan’: Parents financially supporting adult children
A new survey found that 51% of Canadian parents ‘have provided financial support to an adult child in the past year, giving an average of $6,151.’
A survey conducted by Ipsos for the Royal Bank of Canada in July revealed that almost a third of Canadian parents are still financially supporting their adult children — and 19% of parents are financially supporting children ages 35-40.
The report is particularly significant because the majority of the financial assistance being provided is not for optional purchases or a house down payment; it is for basic, everyday necessities. In addition to money for groceries (56%), rent (24%), and utilities (21%), 43% of parents helped with an emergency of unexpected expense, and 12% helped with credit card or other debt payments.
HA…IF THEY HAD ASKED ME ..THAT AVERAGE WOULD BE SUBSTANTIALLY HIGHER …YEP