Many Canadian seniors are not only concerned about saving for retirement.
High living costs are having a ripple effect on Canadian families, with 43 per cent of grandparents who financially support their children or grandchildren saying they feel obligated to do so, according to a new study.
The study, released Wednesday by Bloom Finance in Partnership with Angus Reid, found that 55 per cent of seniors surveyed currently support their children or grandchildren with everyday living expenses, including groceries, gas, clothing and cellphone bills. Of the respondents, 33 per cent provided funds for extracurricular activities or child care, and 26 per cent supplied rent or mortgage payments.
Seniors’ financial generosity towards their loved ones comes at a cost to them, the report found. Among those surveyed, 65 per cent said their financial support obligations have affected their retirement savings, with the cost of living changing retirement plans for 66 per cent of respondents.
CTVNews.ca wants to speak to Canadian seniors about whether they financially help their grandchildren or children.
Have you had to choose between financially supporting your loved ones and investing in your retirement? What impact has the financial support had on your life, from daily living costs to retirement? How are you helping your children and grandchildren financially? What tips do you have in terms of helping out loved ones struggling with the high cost of living?
Share your story by emailing us at [email protected] with your name, general location and phone number in case we want to follow up. Your comments may be used in a CTVNews.ca story.