revealed that, on average, Canadians who still support adult children between the ages of 18 and 35 estimated that they’re spending $5,623 a year to offset their children’s costs. Similarly, almost half of parents who participated in ain 2017 said they were willing to give their kids an average of $24,000 to help them move out.
But while many parents are all too eager to step in and help, the financial repercussions can be substantial. Ms. O’Brien said clients may need to work longer, sacrifice their own investing goals or compromise the retirement lifestyle they envisioned, such as giving up travel plans. “Is it a hand up for that generation? Or is it a handout?” Ms. O’Brien asks. “Any kind of transfer of wealth or gifting between generations should really be beneficial for everyone involved.”
“It’s never too [early or] late to start talking about [money]. It’s important to show children what to do with money and the impact of savings,” she says, adding that getting children involved in the family finances can set them up for their own life-long relationships with advisors.
globeinvestor Oh what's that? You came to the store to apply with a physical resume? Sorry we only take them ONLINE. God forbid your name sounds ethnic. I CHANGED MY NAME to increase my chances of getting hired places.
globeinvestor Like why do I even bother getting an education if the people WHO ARE EDUCATED ARE IGNORED. Call me lazy sure but get back to me when the cheapest place to rent with a stranger is $600 and that doesn't include your bills. Having a phone and laptop is mandatory now too don't forget
globeinvestor All with the looking fear and anxiety of knowing I'm going to be alive for the death of my species and I don't even have power to help because my generation is so disregarded by news outlets as lazy. We are busting our asses in an economically fucked society it's not handouts
globeinvestor Like I not against working. I'm against the 'handout' comment. It's not handouts, we're literally watching our educations get us nowhere and still we drown to get them because do one will even consider you if you don't have it. Like the housing market is fucked, employment is too
globeinvestor Really? parents are struggling to support their spawns? I suppose at the ages of 18-24 (around that time for post secondary) We're expected to live alone, support ourselves and pay all our bills while drowning in student debt and trying to get a degree all for a min wage job?