RBC survey finds 1 in 5 parents of 35- to 40-year-olds still helping with bills

A new RBC survey finds that nearly one in three Canadian parents with adult children aged 18 to 40 say their children are not yet financially independent.

More than half (51%) of parents provided financial support to an adult child in the past year, giving an average of $6,151. Support remains common even among older adults, with 19% of parents of children aged 35 to 40 saying they continue to provide financial help.

Parents are increasingly covering everyday expenses, including groceries (56%), rent (24%) and utilities (21%). The survey says the rising cost of living is a major reason for the continued support.

RBC advises parents to protect their own financial goals, discuss expectations openly and gradually transfer financial responsibility to help adult children build independence