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

Lagoon improvements, but no safety audit recommendations, coming to Harrison

The lagoon will see electrical upgrades, a new flag pole and fencing, but no life jackets or signs

UFV introduces first mindfulness graduate program in Canada

Most of the University of the Fraser Valley program is offered online

All child porn charges against Chilliwack realtor dismissed

Meissner’s computers contained ‘miniscule’ amount of content normally found on offenders’ devices

Mounties hunt for missing Langley man

The public has been asked to help locate David Grainger, last seen on March 19

B.C. Wildfire crews respond to Sts’ailes, Morris Valley fires

A fire at the First Nation and a grass fire in Mission sent smoke across the valley Wednesday

Harrison Hot Springs students bring ‘Twelfth Night’ to life

The adaption of Shakespeare’s classic comedy include songs and phrases from Canada’s east coast

Vancouver Giant named to Western Conference first-tier all-star team

Young hockey defenceman Bowen Byram is once again lauded for his outstanding efforts on the ice

Permit rejected to bring two cheetahs to B.C.

Earl Pfeifer owns two cheetahs, one of which escaped in December 2015

Real-life tsunami threat in Port Alberni prompts evacuation updates

UBC study says some people didn’t recognize the emergency signal

Care providers call for B.C. seniors’ watchdog to step down

The association also asks the province to conduct an audit and review of the mandate of her office

Nitro Cold Brew Coffee from B.C. roaster recalled due to botulism scare

“If you purchased N7 Nitro Cold Brew Coffee from Cherry Hill … do not drink it.”

B.C. man gets award for thwarting theft, sexual assault – all in 10 minutes

Karl Dey helped the VPD take down a violent sex offender

Punching Parkinson’s in the Fraser Valley

Rock Steady Boxing program, designed to help battle symptoms of Parkinson’s, coming to Abbotsford in April

Baby left alone in vehicle in B.C. Walmart parking lot

Williams Lake RCMP issue warning after attending complaint at Walmart Wednesday

Most Read