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

Study projects First Nations’ intake of essential nutrients will decrease by 31 per cent

Professors project the nutrient decrease by 2050 if climate change mitigation continues as-is

CityWest to reopen its Kitimat office

The company anticipates growth in demand for services with LNG Canada’s project

Astronaut’s visit uplifts Telegraph Creek

Chris Hadfield visit part of field research on world’s first electric polar-exploration vehicle

Concerns rise as B.C. search and rescue funding set to expire

Kitimat SAR is one of 80 search-and-rescue groups that will be affected

Benefits alliance to hire fulltime manager

Its goal is more money from the province for local governments

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

Travel expected to be slowed by fallout from fire at Toronto’s Pearson airport

All U.S.-bound flights from Terminal 1 were cancelled Sunday night after the fire broke out near a security checkpoint

Trudeau fills vacancy in cabinet with B.C. MP Joyce Murray

Murray, 64, was elected in 2008 and served previously as a minister in B.C.’s provincial government

Leivo nets shootout winner as Canucks edge Stars 3-2

Schaller scores first 2 goals of season for Vancouver

UBC study shows honey bees can help monitor pollution in cities

Scientists analyzed beehives in high density urban areas to those off on Galiano Island

Most Read