Canadian Families Turning to Grandparents for Financial Support to Cover Necessities

Canadian grandparents are being looked upon to help financially support adult children and grandchildren, according to an RBC survey. The July 17 survey found that 21 percent of those aged 55 and older are supporting at least one adult child who is over 25 years of age. Thirty percent said they have provided money to grandchildren. Much of this financial support is helping families cover the cost of necessities such as food and clothing. Seventy percent of those surveyed said their adult children expected them to help with necessary costs. “While it’s not unusual for grandparents to provide financial assistance to younger generations, the dramatic difference today is this support has become a necessity, rather than simply a desire to help,” said Craig Bannon, director of RBC’s Financial Planning Centre of Expertise....