Half of Canadian parents say they would postpone retirement because of their children

Une chance que les parents ont encore une morale, pour l’État on peut s’en passer, surtout quand on leur laisse plus de 1.2 trillions de dettes.
Why are debts, deficits and unfunded liabilities a problem and why do they matter to you? (1)
Well, the economics is simple: governments go into deficit whenever they spend more money than they collect in revenues. The debt is what you get when you add all those deficits together.
And right now, Canada’s federal and provincial governments are all spending more than they collect – way more.
Once the demographic bulge, known as the “boomer generation,” starts to retire in large numbers, government spending will inevitably soar, as pensions, old age benefits and health care will all require more funding. In other words, we could go broke.
Sadly, this bleak future doesn’t seem to matter to our short-sighted politicians, who can’t look beyond the next election.
But it should matter to you; it should matter to everyone of your generation. After all, you will pay the price tomorrow for the fiscal irresponsibility of today.
In short, your generation is screwed.


Half of Canadian parents say they would postpone retirement because of concerns about the financial future of their children.
http://www.bmo.com/pdf/ewp/15-2574_bwi_dec_2015_family_bank_report_cdn_en.pdfIn a a new report from BMO Wealth Management, Canadian parents with children aged 18 to 24 said they were willing to trade some of their own financial security to help out their kids in a changing economy.
Half said they would be willing to retire later than planned, one third said they would save less for retirement, and 22 per cent said they would take on debt.
The biggest financial concern for parents about their children was financial problems caused by debt, followed by difficulties achieving financial independence and insufficient employment.
The so-called millennial generation of those born after 1980 faces different economic realities than their parents, especially after the 2008 financial crisis.
The number of contract workers has grown more than four times faster than the number of full-time employees since 2008, according to Statistics Canada.
It's the youngest age bracket that has seen some of the biggest shifts, with the number of Canadians aged 25 to 44 in full-time employment up 1.2 per cent since 2008, compared with a 24.9 per cent rise in contract work for that same age group.
Parents will make sacrifices for their own retirement to financially support their adult children
57%  of parents are  in contact with their adult children every day or almost every day


82% of parents have provided financial support to their adult children

The amount of support provided Parents today provide a significant amount of support for their adult children.
According to the survey, almost 30% of parents with adult children that no longer live at home still provide frequent or ongoing financial support. A further 52% of parents reported also providing occasional financial support to their adult children.