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

  • 'Energizer Bunny' loonie to peak near 80 cents US: experts

    Economic CTV News
    Two leading Bay Street strategists expect the Canadian dollar’s steady climb over the last two months will start to top out at about 80 cents US, a level it flirted with on Monday amid signs of an increasingly robust economy. Source
  • In Google vs. the EU, a $2.7B fine could just be the start

    Economic CTV News
    SAN FRANCISCO -- Google's parent company Alphabet can easily afford the $2.7 billion write-down it's taking to cover a big antitrust fine in Europe. But it might find it harder to shrug off the rest of the European regulatory assault that's headed its way. Source
  • Alphabet profit slumps on record $2.7B US fine by European Union

    Economic CBC News
    Alphabet Inc. reported a 27.7 percent drop in quarterly profit as the company recorded a previously announced charge related to a record fine imposed on its Google unit by the EU. EU antitrust regulators last month hit Google with a record 2.4-billion-euro ($2.7 billion US) fine for favouring its own shopping service, taking a tough line in the first of three probes of its dominance in searches and smartphone operating systems. Source
  • Why an 80-cent loonie is good for shoppers but bad for oil producers

    Economic CBC News
    One of the few saving graces of the oil downturn has been that oil is priced in U.S. dollars. Energy companies sell their products in U.S. currency, but pay their expenses in Canadian dollars. So as the loonie dropped over the past three years, it tempered the brutal downturn. Source
  • S&P downgrades Manitoba's credit rating

    Economic CTV News
    WINNIPEG -- The Manitoba government has had its credit rating downgraded for the second time in 13 months by S&P Global Ratings. The international bond-rating agency said the province continues to post large deficits, which are adding to a long-term debt left by the former NDP government. Source
  • Cannabis executive says producers unlikely to meet demands of consumer market

    Economic CTV News
    MONTREAL - An official with a large producer of medical cannabis doubts Canada's licensed companies will be able to adequately supply consumers come next July. Cam Battley, executive vice-president of Aurora Cannabis Inc., says the existing capacity and what is envisioned will not be sufficient to meet the needs of the adult consumer market. Source
  • Sweetened bid for Tembec wins support from shareholders who opposed deal

    Economic CBC News
    Rayonier Advanced Materials Inc. has raised its takeover offer for Tembec Inc. to win the support of two of the forestry company's largest shareholders who had threatened to block the friendly deal. Rayonier and Tembec said Oaktree Capital Management LP and Restructuring Capital Associates LP have now agreed to support the takeover. Source
  • Norbord OSB mill in 100 Mile House, B.C., resumes production after wildfires

    Economic CBC News
    Norbord Inc. says its oriented strand board mill in 100 Mile House, B.C., resumed production over the weekend. The company says work restarted after an evacuation order for 100 Mile House and nearby communities was lifted. Source
  • European car companies act as cartel & collude together, lawmakers allege

    Economic CBC News
    Car stocks tumbled on Monday after a report in Der Spiegel that VW, BMW, Audi and Porsche may have colluded to fix the prices of diesel emissions treatment systems. (Michel Euler/Associated Press) Source
  • OPEC moves to cap Nigerian oil output, boost production cut compliance

    Economic CBC News
    OPEC moved on Monday to cap Nigerian oil output and called on several members to boost compliance with production cuts to help clear excessive global stocks and support flagging prices. OPEC has agreed with several non-OPEC producers led by Russia to cut oil output by a combined 1.8 million barrels per day (bpd) from January 2017 until the end of March 2018. Source