ZOOMER PARENTS USING RETIREMENT INCOME TO FUND EXPENSES FOR ADULT CHILDREN: CIBC POLL

Sep 02, 2015

By Jane Brown

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As a zoomer, this may be the story of your life.

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A new poll suggests adult children are draining their parents’ retirement nest eggs.

The CIBC survey suggests that two-thirds of Canadian parents are they’re feeling the financial impact of supporting their adult children.

Almost half of them said supporting their adult kids is hampering their ability to save for themselves, while 20 per cent say it has actually delayed their retirement.

One in four parents say they spend more than $500 a month to cover their adult kids’ rent, groceries and other bills.

The top two expenses are food and other household expenses, along with cellphone bills.

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