- The majority of baby boomer parents have financially supported their adult children in some capacity, a new TD poll has found. Forty-three per cent let them live at home rent free, 29% subsidized big purchases like a new car or computer, 23% contributed to monthly bills like groceries and rent, 20% helped pay off their credit card or other debt and 18% parents have helped their children with the down payment on their first home. “Today’s high youth unemployment, increasing post-secondary education costs and high property prices means many young people are more likely to rely financially on their parents well into adulthood,” said TD’s John Tracy in a press release Tuesday. “As a parent, it’s natural to want to help when children struggle with finances, but it’s important this support does not compromise your own financial stability and retirement savings goals.” Tracy suggests boomers pay themselves first using automatic transfers into an RSP or TFSA, then use their disposable income to help their kids within reason.
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