A new poll released on Thursday by RBC Family Finance suggests majority of Canadian parents are financially supporting their children into adulthood with money they may need for their own retirement. (File Photo)

B.C. parents support their adult children to the tune of $6,800 a year: poll

Poll suggests B.C. parents spend the most in the country on their adult children, even if it impacts retirement

Is supporting your adult child impacting your plans to retire?

A new poll released Thursday by the Royal Bank of Canada suggests that a majority of parents in B.C. are paying the bills for their adult children, even though it may impact their life after retirement.

The survey asked more than 1,000 parents across the country about their main spending habits ahead of retirement.

The poll found that average B.C. parents spend about $6,800 annually on their children aged 18 to 35. That’s compared to the national average of roughly $5,600.

About 95 per cent of poll respondents said they first started helping their child once they turned 18. Of those respondents, 81 per cent said they are still writing cheques in 2019.

More than 85 per cent of parents surveyed said they are happy to be in a position to offer support, but not everyone feels so comfortable.

About 44 per cent said they are worried how lending a monetary hand will hurt their retirement plans.

RBC financial planner Brigitte Felx said in a news release that it’s important to have a frank conversation about plans and expectations around money as children grow up.

“It will be much better for everyone in the long run, if you can openly discuss your retirement goals alongside their financial needs,” she said.

Living expenses are the top constraint pushing children to the ATM of Mom and Dad, the poll said.

Eighty per cent of respondents said they believe their children are trying to become financially independent, while 94 per cent said they feel young adults face a number of challenges when first living on their own.

B.C. parents reported that most of their financial support was used to fund their children’s living expenses.

Just Posted

Two missing in Pend d’Oreille crash

A 15-year-old male and 18-year-old female both from Fruitvale are missing and presumed deceased

Judge: Nelson not liable for snowbank injury

A woman sued the city after injuring herself in 2015

Beaver Valley Nitehawks oust Nelson Leafs from playoffs

The Nitehawks eliminate number-1 division seed Nelson Leafs from playoffs with Game-6 victory

SIP Talks return to highlight dynamic Kootenay women

Seven women will speak about their experiences at this year’s event

LETTER: Keep your boats moored

From reader Tom Thurston

Defiant vigil starts healing in New Zealand after massacre

Police say the gunman in the shooting that killed 50 acted alone

B.C. First Nations’ intake of essential nutrients could drop by 31%: study

Professors project the nutrient decrease by 2050 if climate change mitigation continues as is

Man enters unlocked B.C. home with knife, sexually assaults 22-year-old

Investigation ongoing after woman sexually assaulted in Greater Victoria early Sunday morning

Trudeau fills vacancy in cabinet with B.C. MP Joyce Murray

Murray, 64, was elected in 2008 and served previously as a minister in B.C.’s provincial government

Gunman kills 3 on Dutch tram; mayor says terror likely

Utrecht police release photo of 37-year-old man born in Turkey who is ‘associated with the incident’

Facebook announces changes to political advertising to meet new federal rules

Bill C-76 bans the use of money from foreign entities to conduct partisan campaigns

Travel expected to be slowed by fallout from fire at Toronto’s Pearson airport

All U.S.-bound flights from Terminal 1 were cancelled Sunday night after the fire broke out near a security checkpoint

Kootenay Ice finish 21-year-run in Cranbrook with emotional win

The Ice ended with a 5-4 win against the Red Deer Rebels, before they relocate to Winnipeg

Most Read