Advertisement
One third said they would save less for retirement, BMO finds
TORONTO – Half of Canadian parents say they would postpone retirement because of concerns about the financial future of their children.
In a a new report from BMO Wealth Management, Canadian parents with children aged 18 to 24 said they were willing to trade some of their own financial security to help out their kids in a changing economy.
Half said they would be willing to retire later than planned, one third said they would save less for retirement, and 22 per cent said they would take on debt.
Roughly the same proportion who said they would retire later than planned said they received little or no support from their parents when they were young adults themselves.
Can I retire early and travel the world? »
The biggest financial concern for parents about their children was financial problems caused by debt, followed by difficulties achieving financial independence and insufficient employment.
The so-called millennial generation of those born after 1980 faces different economic realities than their parents, especially after the 2008 financial crisis.
The number of contract workers has grown more than four times faster than the number of full-time employees since 2008, according to Statistics Canada.
It’s the youngest age bracket that has seen some of the biggest shifts, with the number of Canadians aged 25 to 44 in full-time employment up 1.2 per cent since 2008, compared with a 24.9 per cent rise in contract work for that same age group.
Share this article Share on Facebook Share on Twitter Share on Linkedin Share on Reddit Share on Email
Should you be paid as a power of attorney? Learn about the compensation rules in Ontario and how to...
Here’s how Canada’s Old Age Security pension works, who’s eligible for OAS, when you can start receiving OAS, and...
Here’s how Canada’s retirement pension plan works, who’s eligible for CPP, when you can start receiving CPP, and CPP...
Apple and Nvidia vie for global market cap crown; Google, Microsoft and Meta crush earnings; Amazon’s Bezos takes WaPo...
Economy stalled in August, Q3 growth looks to fall short of Bank of Canada estimates.
While not guaranteed like an annuity, MyRetirementIncome is a flexible and simple financial product for those needing to convert...
A Certified Financial Planner provides perspective on the TFSA vs. RRSP question for a couple in their late 50s...
The Bank of Canada’s jumbo rate cut, Canadian railway earnings stay on track, Rogers disappoints, and Tesla surges on...
Spending thousands of dollars on upgrades to your living space can be daunting for seniors. Here are some financing...
