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

Kootenay kids get their kicks

Mini World Cup coming to Fruitvale, see story for link

What you see …

If you have a recent photo to share email (large of actual) to editor@trailtimes.ca

West Kootenay opinion sought on health care issues

Rural Evidence Review getting strong response to survey call-out

Facts missing on impact of Columbia River Treaty

Letter to the Editor from Dave Thompson of Oasis

Fix the potholes

Letter to the Editor from Bob Johnson of Nelson

Kelowna toddler suffers cracked skull after fall from balcony

Neighbour who found the two-year-old boy said he has a bump the size of a golf ball on his head

RCMP probe if teen was intentionally hit with ski pole by mystery skier on B.C. mountain

The incident happened on March 20 on Grouse Mountain. Police are urging witnesses to come forward

Support growing for orphaned Okanagan child after father dies in highway crash

Family thanks emergency crews for assistance in traumatic incident

Baby boom seniors putting pressure on B.C. long-term care: report

B.C. leads Canada in growth of dementia, dependence on care

Pipeline protester chimes in on Justin Trudeau’s B.C. fundraising speech

The government purchased the Trans Mountain pipeline and expansion project for $4.5 billion

UPDATED: B.C. man says he’ll take People’s Party lawsuit as far as he can

Federal judge shut down Satinder Dhillon’s ‘nonsensical’ motion to bar use of PPC name in byelection

Canada stripping citizenship from Chinese man over alleged marriage fraud

The move comes amid severely strained relations between Ottawa and Beijing

Nevada court orders former Vancouver man to pay back $21.7M to investors

The commission says Michael Lathigee committed fraud over a decade ago

Most Read