BY THE NUMBERS

The recent Children and Financial Dependence survey, conducted on behalf of the Financial Planning Standards Council, points to many parents struggling to support their children, often far into adulthood.

Overall, 53 per cent say their children are dependent on them financially (that number soars to 90 per cent for parents with children under age 18);

For those with millennial children, 38 per cent indicate their kids are still financially dependent on them;

30 per cent of Canadian parents say their children are causing a financial strain (that number increases to 33 per cent for parents with adult children ages 18 to 34);

Among all respondents, 31 per cent say assisting their children with post-secondary costs will postpone, or already has postponed, retirement;

For those with children 18 to 34 — generally baby boomer parents — that number increases to 33 per cent;

12 per cent of older parents — those with children age 34 and up — indicated they are delaying retirement to help their children with postsecondary costs;

Additionally, 31 per cent of all parents say assisting their children with post-secondary costs has prevented or will prevent them from paying off their debt;

For those with children ages 18 to 34, the number increases to 32 per cent;

13 per cent of parents with children over age 34 reported helping them with postsecondary has stopped them from paying off debt;

The study also found 37 per cent of parents are helping or plan to help their children buy a first home;

Men are more likely to assist their children with a down payment (44 per cent versus 32 per cent of women);

As well, men are more likely to tap into their home equity to help their kids buy a home (22 per cent versus 12 per cent of women).

Leger conducted the Children and Financial Dependence survey on behalf of the Financial Standards Planning Council.