(LifeSiteNews) — A survey conducted by Ipsos for the Royal Bank of Canada in July revealed that almost a third of Canadian parents are still financially supporting their adult children — and 19% of parents are financially supporting children ages 35-40. As the RBC put it: “A new kind of ‘Family Plan’ is taking shape in Canada.”

According to the survey, 51% of Canadian parents “have provided financial support to an adult child in the past year, giving an average of $6,151.”

The report is particularly significant because the majority of the financial assistance being provided is not for optional purchases or a house down payment; it is for basic, everyday necessities. In addition to money for groceries (56%), rent (24%), and utilities (21%), 43% of parents helped with an emergency of unexpected expense, and 12% helped with credit card or other debt payments.

One particularly grim statistic: 43% of parents with children ages 35 to 40 were helping their adult progeny pay for groceries. More than half of the parents surveyed (51%) stated that the cost of living is simply too high for their children to survive on their own while only 15% said that their children were lacking in money management skills.

“This generation isn’t failing to launch,” finance expert Melissa Leong told the RBC. “The runway has gotten longer and a lot more expensive.”

“More than half (51%) of Canadian parents have provided financial assistance to an adult child in the past 12 months, including 68% of parents with children aged 18-24 and 37% of parents with children aged 35-40,” the RBC report stated. “On average, parents provided just over $6,000 in financial support, with nearly one in five (18%) giving between $10,000 and $19,999.”

A previous study conducted by RBC in 2024 highlighted the intergenerational financial stress this is causing for families, with 21% of grandparents supporting at least one adult child over age 25 and 30% giving money to their grandchildren.

According to the report, “54% of the 21% of grandparents are sacrificing their savings and 33% are worried about running out of money. Grandparents are under pressure, with 70% reporting their adult children expect them to help cover basic living expenses.”

One consequence of this is a (further) cratering birthrate. According to an April report by Statistics Canada, 38% of Canadians ages 20 to 29 said they didn’t think they could afford to have a child within the next three years, with 32% citing housing as a primary concern.

“In 2024, Canada entered the ranks of countries with ultra-low fertility as it reached a record low fertility rate of 1.25 children per woman,” Stats Canada noted. “The decrease in fertility was driven by fewer births as well as a growing share of women who are choosing to remain childless, delaying motherhood or facing barriers to having children … The 2024 Survey on Family Transitions examined these trends and their implications, finding that just over half (51.5%) of Canadian women aged 20 to 49 years have no children. Childlessness was highest among younger women in their 20s, at 88.5%, followed by women in their 30s (43.2%) and 40s (23.6%).”

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