Remember when moving out at 18 meant total independence and eating ramen by choice? Yeah, those days are long gone. According to a new RBC report, over half of Canadian parents (51%) are currently bankrolling their fully grown, adult children (ages 18 to 40). Turns out the Bank of Mom and Dad doesn’t just offer generous interest rates, it straight-up refuses to close!
Here’s where the family fund is actually going:
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The Soft Landing: Parents are subsidizing their grown kids to the tune of $6,151 a year on average. Almost 20% are dropping over ten grand!
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Groceries > Gucci: This isn’t fun-money. 56% of parents are buying the groceries, 24% are covering rent, and 21% are paying the utility bills.
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The Extended Warranty: Over 19% of parents with kids aged 35 to 40 are still handing over cash.
Why the endless handouts? Most parents figure it’s just their job, while others are trying to shield their kids from Canada’s brutal cost of living. So, if your folks are quietly paying your phone bill or stocking your fridge, pour them a stiff drink tonight. They’re basically running a non-profit!
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