More than half (51%) of Canadians with adult children say those children are still financially dependent on them, while 45% say their kids are a financial strain, finds the Children and Financial Dependence survey by the FPSC.
“These results raise some fascinating questions about children, financial dependence and suggest potential sources of marital conflict,” says personal finance educator and FPSC’s consumer advocate, Kelley Keehn. “Perhaps the biggest question is how to help your children without jeopardizing your own financial well-being.”
Read: Household debt continues to rise faster than income: StatsCan
The survey posed a series of scenarios to parents regarding their children’s post-secondary education, home buying and financial independence. According to the results, assisting their kids with post-secondary costs will postpone the retirement of 45% of respondents, and prevent 46% from paying off debt.
When it comes to home purchases, it looks like centennials (people under age 18) may be the first to lose out on mom and dad’s support. While 65% of parents with children over 18 either will or already have assisted their kids with their first home purchase, only 43% of those with centennials intend to do so.
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The survey also found that men (44%) are significantly more likely than women (32%) to assist their children of all ages with their first home purchase. That gender divide also extends to delaying retirement—with 22% of men (vs 12% of women) willing to postpone retirement to assist kids with their first home purchase.
Also, Quebec parents are less likely (12%) than the rest of the country (21%) to help their children purchase their first home.
About the survey: 1527 Canadians were surveyed online between July 31 and August 3.