Just over half of Canadian parents say they are still helping their adult children with expenses like groceries and rent, a new survey suggests.
The survey from RBC found that 51 percent of parents surveyed provided financial support in the past year to their 18-to-40-year-old children.
Thirty-two percent of those polled described their adult children as not yet financially independent. This included 19 percent of parents whose children fell within the 35 to 40 age bracket.
Sixty-eight percent of parents with 18-to-24-year-olds and 37 percent of parents with children aged 35 to 40 pitch in financially, the survey found.
Fifty-six percent of parents helped pay for groceries, 24 percent contributed to rent, 21 percent helped with utilities, and 12 percent with credit card or debt repayments. Forty-three percent have also helped with an unexpected or emergency expense….