Canadians willing to postpone retirement for their kids

Canadians would postpone retirement for their kids

By Special to MoneySense on December 16, 2015
Estimated reading time: 1 minute

One third said they would save less for retirement, BMO finds

This article is 9 years old. Some details may be outdated.

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.

Comments Cancel reply

An older couple does stretches in a park

Retirement

OAS payment dates in 2025, and more to know about Old Age Security

Here’s how Canada’s Old Age Security pension works, who’s eligible for OAS, when you can start receiving OAS, and...

OAS payment dates in 2025, and more to know about Old Age Security

A senior-age woman looks at her tablet on a park bench.

Retirement

CPP payment dates in 2025, and more to know about the Canada Pension Plan

Here’s how Canada’s retirement pension plan works, who’s eligible for CPP, when you can start receiving CPP, and CPP...

CPP payment dates in 2025, and more to know about the Canada Pension Plan

Ask a Planner

When and how should I start drawing on my retirement savings?

There’s more than one way to optimize your income after retiring. Some strategies can boost wealth, and others may...

When and how should I start drawing on my retirement savings?

Retired Money

Canadian seniors, watch out for these scams

My MoneySense

“What a dumb mistake that was”: Dilys D’Cruz on money lessons and “painless saving”

The senior vice president of retail and wealth at Meridian shares the importance of budgeting and investing in your...

“What a dumb mistake that was”: Dilys D’Cruz on money lessons and “painless saving”

MoneyFlex

Playing with FIRE: Why financial independence looks different for young Canadians

Can Gen Z really afford to retire early? Here are some ways young Canadians can rethink the FIRE approach...

Playing with FIRE: Why financial independence looks different for young Canadians

A Canadian couple going over the duties of a power of attorney for property and if they should hire someone for the role.

Estate Planning

Can you hire someone to be power of attorney for property in Canada?

Here are the considerations before becoming a power of attorney for property and what to do if you’re unable...

Can you hire someone to be power of attorney for property in Canada?

A Canadian woman and man looking at income statements to prepare their taxes for a tariff war.

Jacks on Tax

Worried about tariffs and their effects? Look at your taxes

Here are two ways to manage the effects of tariffs in Canada, plus three statements to prepare to ensure...

Worried about tariffs and their effects? Look at your taxes

Retired Money

Why “unretirement” may be the fate of so many Canadians

Economic uncertainty, inflation and the decline of workplace pensions have left growing numbers of seniors unable to leave their...

Why “unretirement” may be the fate of so many Canadians

Ask a Planner

How RRIF withdrawals work when you have multiple registered accounts

Canadians must begin taking RRIF withdrawals the year after converting an RRSP. What happens if you convert only part...

How RRIF withdrawals work when you have multiple registered accounts

Canadians would postpone retirement for their kids

Comments Cancel reply

Related Articles

OAS payment dates in 2025, and more to know about Old Age Security

CPP payment dates in 2025, and more to know about the Canada Pension Plan

When and how should I start drawing on my retirement savings?

Canadian seniors, watch out for these scams

“What a dumb mistake that was”: Dilys D’Cruz on money lessons and “painless saving”

Playing with FIRE: Why financial independence looks different for young Canadians

Can you hire someone to be power of attorney for property in Canada?

Worried about tariffs and their effects? Look at your taxes

Why “unretirement” may be the fate of so many Canadians

How RRIF withdrawals work when you have multiple registered accounts