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

École Mountainview ascends in Fraser Institute elementary schools rankings

Veritas Catholic School and Mountainview both surpass B.C. provincial average

Terrace death not considered suspicious at this time: RCMP

Body of 49-year-old man was found in wooded area near Olson Ave. March 22

Identifying child care space needs in Prince Rupert

B.C. government is providing a $25,000 grant for more than 70 communities to help improve daycare

Police investigating after body found in Terrace

Discovery Friday afternoon near Olson Ave.

VIDEO: The ‘most cosmopolitan’ of butterflies could migrate to B.C.

The painted lady butterfly will likely arrive this summer from Southern California

Sentencing begins for indecent caller

Vancouver Island man pleaded guilty to making indecent phone and video calls to women across B.C.

Sources say Trudeau rejected Wilson-Raybould’s conservative pick for high court

Wilson-Raybould said Monday “there was no conflict between the PM and myself”

First Nations public art piece stolen in Nanaimo

Spindle Whorl went missing over the weekend, according to Nanaimo RCMP

Father-son duo at B.C. Children’s Hospital helps new dads fight depression

The pair teamed up to introduce the only known research-based mindfulness workshop for new dads

Mexican restaurant in B.C. told to take down Mexican flag

General manager of Primo’s Mexican Grill in White Rock: ‘I’ve never heard of anything like this’

B.C. NDP moves to provide tax credits, tax cut for LNG Canada

Provincial sales tax break of $596 million repayable after construction

COLUMN: Smart phone too powerful a tool to yank from students’ hands

Rather than ban them from schools, let’s teach kids to harness their phone’s power and use it properly

B.C. river cleanup crew finds bag of discarded sex toys

Chilliwack volunteers stumble on unexpected find while removing 600 lbs of trash from riverway

Most Read