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

‘Out of the Interior: Survival of the Small-town Cinema in British Columbia’ is coming to Gate House Theatre in Port McNeill

On Saturday, June 8 at 7:00 p.m., ‘Out of the Interior’ documentary will screen at Gate House Theatre.

North Island Rising: Political polarization

This fall there will be a minimum of four candidates wanting your vote here on the North Island.

Bradshaw’s Photo Highlight: The last walk together

“I would give almost anything to be able to have another walk together”

North Island College holding information session on new culinary diploma

Get a sneak peek at the new culinary kitchen at the Campbell River campus

Council approves replacement of overhead heaters at Fire Hall

Port Hardy council has agreed to spend $11,000 on the replacement of… Continue reading

REPLAY: The best videos from across B.C. this week

In case you missed it, here’s a look at the replay-worth highlights from this week in the province

Mistrial declared in B.C. gangster Jamie Bacon’s trial

Bacon was on trial for counselling to commit the murder of Person X

Canadian homebuyers escaping high housing costs by moving to secondary cities

In British Columbia, exurbs have grown in the Hope Valley and Kamloops

Feds lay out proposed new rules for voice, video recorders in locomotives

Transport Canada wants to limit use of recorders to if a crew’s actions led to a crash

Raptors beat Bucks 100-94 to advance to franchise’s first-ever NBA Finals

Leonard has 27 points, 17 boards to lead Toronto past Milwaukee

Third person charged in death of B.C. teen found in torched SUV

Inderdeep Kaur Deo facing charge of accessory after the fact to murder

Kamloops girl, 9, recovering from carbon monoxide poisoning now out of ICU

Her mother who was sleeping in the same tent with her did not survive

‘I think he’s still alive’: B.C. mom pleads for help finding son last seen a month ago

Family offering $5,000 reward for information leading to the safe return of Tim Delahaye

New poll suggests one-third don’t want politicians to wear religious symbols

Local politicians shouldn’t be allowed to wear hijabs, crucifixes or turbans on the job, survey suggests

Most Read