It’s not uncommon for seniors to help their children and grandchildren with paying down debt, making down payments, and covering the cost of education and childcare, a survey from HomEquity Bank says. The survey was conducted in late October at the Toronto Zoomer Show.
Roughly one-fifth of the 682 respondents said they’ve provided one-time financial support (down payments, weddings and education) to children and grandchildren. Another 5% said they’ve provided childcare support, and 14% said they have children or grandchildren living with them.
“While the data clearly shows that the respondents would love to spend their money on travel and home improvements, many seniors have children and grandchildren who still rely on them for financial support,” said Yvonne Ziomecki, executive vice-president of marketing and sales at HomEquity Bank, in a release.
“Whether it’s helping with education or getting into the housing market, Canadian seniors will likely spend their money on children and grandchildren this holiday season.”