New research from Canadian bank TD Canada Trust shows the majority of baby boomer parents have financially supported their adult children in some capacity:
- They have let them live at home rent free (43%) [yikes – I suggest all adult children living at home should pay at least some rent].
- They have subsidized big purchases like a new car or computer (29%).
- They have contributed to monthly bills like groceries and rent (23%).
- They have helped pay off credit card or other debt (20%) [here’s why that’s a bad idea…].
But the scariest statistic is that one-in-five baby boomers (19%) admit they would consider putting their own security and financial future at risk to help support their adult children. Watch out, or you may find yourself filing for bankruptcy instead of retiring.
About the survey: TD Bank Group commissioned Environics Research Group to conduct an online custom survey of 2,155 Canadian parents who have adult children not attending school. Responses were collected between January 10 and 25, 2013.