A new CIBC study has found that two-thirds of Canadian parents are feeling the financial strain of supporting their young adult children. One in four parents said they are spending over $500 a month to help cover the costs of expenses like cellphone bills, rent and groceries. Free room and board was the most common expense, with 71 per cent saying it is one way they cover the costs of their adult kids. Paying for their adult children’s living expenses is affecting their ability to save for retirement.
Are you still supporting your young adult? If so, why? When is the right time to cut them off?