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Canadian parents are delaying their retirement savings to help their adult children

by

Aurélia Morvan

4 March 2019 13:30

Photo : Freepik

In Canada, 96 % of parents with children milléniaux, aged 18 to 35 years old, have already helped them on the financial plan, reveals to a recent survey from RBC. Among these parents, 33 % say they have to delay the financing of their retirement because of the support they provide to their adult children.

5 623 $ per year on average

Canadian parents with children 18 to 35 years of age to help financially the latter in the amount of 5 623 $ per year on average. Even when the children milléniaux are older, between the ages of 30 and 35 years of age, parents continue to support them financially, to the tune of 3 729 $ per year on average. In Québec, these amounts are, respectively, 3 986 and $ 3 901 $, that is, 29 % and 4 % less than the national average.

Quebec : the milléniaux receive less help from their parents

In Quebec, 94 % of parents with children milléniaux have already helped them financially. This canadian region is one where parents are least likely to financially assist their adult children.

This can be explained by the fact that the milléniaux in quebec are more financially independent. According to RBC, 53 % of canadian parents feel that their children are struggling to become financially independent. In Quebec, they are 33 % of parents think this is 20 percentage points lower than at the national level.

Parents help especially for the tuition fees

For three of the six regions in canada, education is the expenditure item for which the parents help the most. This is the case in Quebec, where 71 per cent of parents have helped to finance the education of their adult children. This is two percentage points higher than the national average.

In parallel, 59 % of parents in quebec have already helped for the living costs of their adult children, and 46 % to the bills of cell phone. It is, respectively, six and 12 percentage points less than the average for Canada.

The survey was conducted online with of 1,004 Canadians, milléniaux and parents of 36 years and over whose children are milléniaux.

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