Results: Are you a boomer with a boomerang kid?
A survey conducted by TD Canada Trust has revealed that boomers are taking on the financial responsibility of their children. Due to high rates of unemployment and lack of jobs, parents of recent graduates find themselves taking on the financial burdens of their dependent children. Consequently, these parents have found that their retirement funds have been largely impacted, as they help pay their children’s rent, credit card bills, cell phone bills etc. Some parents have even indicated that they are willing to put their own finances in jeopardy in order to help out their adult children.
1.
1.
Do you still support your adult children?
Yes, I do still support my adult children
21%
•
476 votes
No, I do not support my adult children
25%
•
590 votes
N/A
54%
•
1252 votes
2.
2.
How do you support them? Provide free access to room and board
13%
•
291 votes
Pay condo/apartment rent
4%
•
93 votes
Purchase groceries
13%
•
301 votes
Purchase clothing for them
9%
•
199 votes
Help towards purchasing a car
5%
•
109 votes
Purchase electronics for them
4%
•
101 votes
N/A
74%
•
1708 votes
Other (please specify)
3%
•
60 votes
| Other Answers | Percentage | Votes |
| 0.49% | 14 | |
| help out with some expenses | 0.03% | 1 |
| both are still students. | 0.03% | 1 |
| provide child care | 0.03% | 1 |
| have no kids | 0.03% | 1 |
| cash | 0.03% | 1 |
| child pays reduced rent, much less than an apartment | 0.03% | 1 |
| no | 0.03% | 1 |
| co sign mortgage | 0.03% | 1 |
| help w/bills | 0.03% | 1 |
| help when needed | 0.03% | 1 |
| lend them money | 0.03% | 1 |
| help with cost of events they attend | 0.03% | 1 |
| cell phone family plan | 0.03% | 1 |
| babysit | 0.03% | 1 |
| help get out of debt and she is repaying it off | 0.03% | 1 |
| she lives with us and pays rent and portion of utitlites | 0.03% | 1 |
| all the above plus | 0.03% | 1 |
| pay cell phone bills | 0.03% | 1 |
| give them money when they need | 0.03% | 1 |
| money and love | 0.03% | 1 |
| money | 0.03% | 1 |
| send money | 0.03% | 1 |
| phisical help when they ask for help | 0.03% | 1 |
| be there. | 0.03% | 1 |
| i have an adult autistic son that i care for and help support | 0.03% | 1 |
| purchase needs other than food | 0.03% | 1 |
| insurance | 0.03% | 1 |
| advice | 0.03% | 1 |
| purchase medications and pay for er & inpatient hospitalizations. | 0.03% | 1 |
| the bank of mom | 0.03% | 1 |
| university,higher education loan grants | 0.03% | 1 |
| lent them money | 0.03% | 1 |
| gas to travel to school | 0.03% | 1 |
| assortment everyday items | 0.03% | 1 |
| i don'thave any a home | 0.03% | 1 |
| helped with moving | 0.03% | 1 |
| school | 0.03% | 1 |
| took reverse mortgage on my home to purchase home for them | 0.03% | 1 |
| general funding for necesities | 0.03% | 1 |
| just everything | 0.03% | 1 |
| help when asked | 0.03% | 1 |
| not sure he just takes money out of account weekly | 0.03% | 1 |
| loan money to kids and grandkid .. babysit for them. . help them buy homes homes | 0.03% | 1 |
| advice and some times finance | 0.03% | 1 |
| partial school fee | 0.03% | 1 |
| give moneys | 0.03% | 1 |
3.
3.
Have you taken out a loan or borrowed money in order to support them? Yes
9%
•
217 votes
No
31%
•
710 votes
Not Applicable
60%
•
1391 votes
4.
4.
Has supporting your adult child placed a financial strain on you? Yes, it has impacted me financially
11%
•
245 votes
Just a little bit of a financial strain
10%
•
223 votes
No, it has not impacted me fiinacially
8%
•
180 votes
N/A
72%
•
1666 votes
Other (please specify)
0%
•
4 votes
| Other Answers | Percentage | Votes |
| 0.09% | 2 | |
| we planned on paying for their higher education. | 0.04% | 1 |
| my adult son lived with me until 2 yrs ago and was reliant on me for anything, my adult daughter lives with but has income | 0.04% | 1 |
5.
5.
How long have you supported your adult child? A few months
5%
•
118 votes
A year
5%
•
116 votes
A few years
14%
•
331 votes
N/A
75%
•
1731 votes
Other (please specify)
1%
•
22 votes
| Other Answers | Percentage | Votes |
| as needed | 0.09% | 2 |
| 0.09% | 2 | |
| on and off | 0.04% | 1 |
| prefer not to say | 0.04% | 1 |
| never supported them , fully | 0.04% | 1 |
| their whole life | 0.04% | 1 |
| always | 0.04% | 1 |
| she has never left home. | 0.04% | 1 |
| sinced they were born | 0.04% | 1 |
| 8 yrs | 0.04% | 1 |
| as they've been in school. | 0.04% | 1 |
| as long as i can | 0.04% | 1 |
| since he was a child, he is now 21 | 0.04% | 1 |
| i don't support them | 0.04% | 1 |
| paying for college was really hard | 0.04% | 1 |
| 22 years | 0.04% | 1 |
| since he was born. to be fair, he does have a job it's just doesn't pay enough. sometimes he supports me. | 0.04% | 1 |
| it has never stoped | 0.04% | 1 |
| all his life | 0.04% | 1 |
| they never moved out | 0.04% | 1 |
6.
6.
Do you want to continue to support them? Yes, I want to continue to support them in the future
10%
•
221 votes
I don't wan to, but I feel bad not to help them out
9%
•
212 votes
No, I do not want to continue to support them in the future
8%
•
184 votes
N/A
73%
•
1694 votes
Other (please specify)
0%
•
7 votes
| Other Answers | Percentage | Votes |
| i will continue to support him until he can get on his feet | 0.04% | 1 |
| they are in school | 0.04% | 1 |
| 0.04% | 1 | |
| i don't help them any more | 0.04% | 1 |
| just until he gets on his feet | 0.04% | 1 |
| would like to support them so that they don't have student loans to repay. | 0.04% | 1 |
| i have a son with disabilities so yes i will support him. | 0.04% | 1 |
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