Parents feeling the pinch of supporting adult children - MoneySense

Parents feeling the pinch of supporting adult children

20% have actually delayed their retirement


TORONTO – A new poll suggests adult children are draining their parents’ retirement nest eggs.

The CIBC survey has found that two-thirds of Canadian parents polled say they’re feeling the financial impact of supporting their adult children.

Almost half of them said supporting their adult kids is hampering their ability to save for themselves, while 20 per cent say it has actually delayed their retirement.

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One in four parents said they spend more than $500 a month to cover their adult kids’ rent, groceries and other bills.

The top two expenses are groceries and other household expenses and cellphone bills.

The survey of 1,054 randomly selected Canadian parents was conducted two weeks ago. It’s considered accurate within plus or minus three percentage points, 19 times out of 20.