If you have adult kids and you’re providing financial support to them, you’re not alone.
RBC Royal Bank released a study into the number of people who are helping kids as old as 35 with money. Virtually all those surveyed – 97 per cent – said they have helped their kids to some degree after they turned 18. And, given that many go to university after high school, this probably is not surprising.
But about half of those surveyed nationally said they’re still helping out with children that are 30 to 35 years old.
In Saskatchewan, we stand out from the crowd on that last one. While most in the country are providing thousands of dollars annually to kids in their 30s, respondents from here said it amounted to $767. That is 20 per cent of the national average of $3,800.
While this is the kind of thing most parents are prepared to do, a big chunk of them said they are worried this will cut into their ability to save for retirement – something they call the parental paradox.