Most Canadian Parents Now Subsidize Their Adult Children’s Basic Living Costs: RBC

Remember when experts blamed Millennial home buying woes on avocado toast? Well, in Canada, Millennials now need help buying regular toast. Ditto with Gen Z, according to a new RBC survey. The bank found that most parents are providing some form of financial help to their adult children between the ages of 18 and 40. However, the help isn’t for a down payment on a new home, but for groceries, rent, and utilities—assistance that remains disturbingly high even as these young adults approach middle age. Canada’s Cost of Living Failure: Most Parents Need to Help Adult Children with Bills Most parents (51%) need to help their adult children (ages 18 to 40) with bills, according to the survey. This is no longer just helping with a down payment to buy a home, but the collapse of stability for multiple generations. Nearly 1 in 3 (32%) of parents warn their children aren’t financially independent, while 35% of those providing support explicitly state the cost of living is too high for their adult children to stay afloat. The younger these adults, the higher the odds of needing help. The survey found that more than 2 in 3 (68%) of parents are providing help for their 18-24-year-old adult chi...