More Than Half of Canadian Parents Expect to Financially Support Children Into Adulthood: Survey

A 'for sale' sign is shown outside a home in Vancouver. A majority of Canadian parents anticipate providing financial support to their children even after they read adulthood, with most citing concerns over housing costs, according to a new survey. The Canadian Press/Jonathan Hayward

Fifty-seven percent of parents anticipate providing financial support to their children even after they reach adulthood, but two-thirds of them lack confidence in their ability to do so, a new survey suggests.

The TD Bank Group survey, released on Oct. 31, is an annual poll that looks at the concerns of Canadian parents.

Fifty-eight percent of parents polled last year said they had concerns about their child’s financial future.

This year, seven in 10 Canadian parents said they thought their children would face tougher financial challenges in life. Thirty-five percent of parents said they felt their children would only be financially independent when they were between 26 and 30 years old.

Thirty-three percent said they believed the cost of living for their children would not be manageable.

The biggest area of concern for parents was a child’s ability to buy a home, with 77 percent saying they believed it would be difficult. Thirty percent of parents said they intend to offer support because they are skeptical of their kids’ ability to afford a home independently.

Saving enough for retirement was another worry for parents (57 percent), followed by rising food costs, with 53 percent not confident their children will be able to pay for increasing prices. When it comes to supporting a family of their own, 49 percent of Canadian parents were not confident their children could manage it.

TD’s survey asked parents what they do to help kids become more financially savvy. Seventy-nine percent said they talk to their kids about money at least once a month—a 14 percent increase from the 2023 survey.

Seventy-nine percent of parents also said they talk with their kids about their own financial successes and challenges to help them build financial literacy.

“It’s encouraging to see that some Canadian parents are taking the initiative to speak with their children about the importance of finances at a young age,” TD spokesperson Emily Ross said in an Oct. 31 news release.

Ross said these types of discussions between parents and children can help the next generation develop the necessary skills to make good financial decisions.

“By fostering an open dialogue and speaking with their children about money, parents are not just teaching their kids about saving and budgeting, they’re helping to empower them to build a more secure financial future.”

The survey was conducted by Maru Public Opinion, on behalf of TD Canada Trust between Sept. 26 and Oct. 1. A total of 1,232 parents with at least one child under 18 were randomly selected to participate in the poll.