Canadians willing to postpone retirement to help out their children

TORONTO - Half of Canadian parents say they would postpone retirement because of concerns about the financial future of their children.

See Full Article

In 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.

Roughly the same proportion who said they would retire later than planned said they received little or no support from their parents when they were young adults themselves.

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.



Advertisements

Latest Economic News

  • Employers can pay women less based on past salaries, U.S. court rules

    Economic CTV News
    SAN FRANCISCO -- A federal appeals court says employers can legally pay women less than men for the same work based on differences in the employees' previous salaries. The decision by the 9th U.S. Source
  • BlackBerry smartphone with physical keyboard will be sold in Canada next month

    Economic CTV News
    TORONTO - Canadians will be able to buy a new BlackBerry-branded smartphone with a physical keyboard starting next month. The KEYone, a phone made in partnership between TCL Communication Technology Holdings Ltd. (TCT) and BlackBerry (TSX:BB), will be available for pre-order at some partners as of May 18. Source
  • Southwest Airlines to end practice of overbooking flights

    Economic CBC News
    Southwest Airlines says it plans to stop overbooking flights — an industry practice implicated in an ugly incident on a United Airlines flight that has damaged United's reputation with the flying public. Last year Southwest bumped 15,000 passengers off flights, more than any other U.S. Source
  • Toyota recalls 250K Tacoma pickups in North America

    Economic CTV News
    DETROIT -- Toyota is recalling about 250,000 small pickup trucks mainly in North America because the rear wheels have the potential to lock up, causing drivers to lose control. The recall covers certain Tacoma trucks from the 2016 and 2017 model years. Source
  • Judge orders Volkswagen to pay $2.1B in class-action suit over emissions scandal

    Economic CTV News
    TORONTO -- Members of a Canadian class-action lawsuit against Volkswagen can submit claims for reimbursement starting on Friday after an Ontario court approved a $2.1-billion settlement plan. The 105,000 people who purchased or leased certain Volkswagen or Audi vehicles with two-litre diesel engines that were caught up in an emissions cheating scandal will each receive a payment between $5,100 and $8,000, wrote Superior Court Justice Edward Belobaba in his judgment Wednesday. Source
  • Suncor CEO says more oilsands deals may appear in 'exodus' of foreign firms

    Economic CTV News
    CALGARY -- Suncor Energy (TSX:SU) has a potential opportunity to make further purchases in Alberta's oilsands if foreign multinationals continue to exit the sector, the oil and gas company's chief executive said Thursday. Suncor feels no pressure to buy but is watching closely for opportunities and has the financial strength to act, Suncor CEO Steve Williams said Thursday on a quarterly conference call with analysts. Source
  • Man removed from flight for using bathroom before takeoff

    Economic CTV News
    MILWAUKEE -- A Wisconsin man was removed from a Delta Air Lines flight after using the bathroom against crew instructions shortly before takeoff. Kima Hamilton says he urgently needed to use the bathroom April 18 while on a Milwaukee-bound plane in Atlanta. Source
  • European Central Bank says economy is 'increasingly solid'

    Economic CTV News
    FRANKFURT -- The European Central Bank kept its stimulus program and interest rates unchanged Thursday even though it conceded that the economy of the 19-country eurozone is becoming stronger. While indicators in recent weeks have pointed to much faster growth, there was little expectation the central bank would ease off its stimulus programs in the run-up to the second round of France's presidential election, in which anti-euro candidate Marine Le Pen is battling pro-EU front-runner Emmanuel…
  • N.B. mill taking 'time out' because of U.S. lumber tariffs

    Economic CTV News
    FREDERICTON - A New Brunswick sawmill owner says his mill is shutting down because of U.S. lumber tariffs. Danny Stillwell said Thursday he's taking "a time out," at least until a dispute over new tariffs is resolved. Source
  • Deutsche Bank executive says some 4,000 U.K. jobs could move

    Economic CTV News
    LONDON -- A key executive from Deutsche Bank has said nearly half of its 9,000 U.K.-based jobs could be shifted out of Britain because of Brexit as industry leaders express concern about the lack of clarity in the process. Source