The vast majority of parents in Canada spend thousands of dollars yearly on their adult children. (iStock)

Most parents subsidize their adult children: survey

A public opinion poll suggests 96 per cent of parents in Canada have given some form of financial support to their children between the ages of 18 and 35. Almost half of parents said they were still subsidizing children between 30 and 35 years old.

Although 88 per cent say they are happy they are able to provide support, 36 per cent are concerned it may impact their savings for retirement and another one-third worry it may delay their retirement.

The kids are trying, say parents

Most parents(85 per cent) believe their children are trying to become financially independent, but that it is very difficult for young adults to meet their expenses. Just over half feel their children are struggling to make ends meet.

Canada is a wealthy country, but young adults are having trouble buying houses, paying for their education, cable TV and cell phone bills. (iStock)

Parents pay thousands yearly

On average, parents who still support their children in the 18- to 35-year age group spend $5,623 per year. The payments usually decrease over time. Those supporting children between 30 and 35 year old spend an average $3,729 on financial support.

Parents report the money is used for things like education, living expenses like mortgages, rent and cable television, and cell phone bills.

The survey of just over 1,000 parents with adult children was conducted for RBC, a major Canadian financial services company.

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