The numbers put a hard edge on a trend advisors across Canada are increasingly encountering in client conversations, the quiet drain of sustained parental support on retirement timelines.
The scope of support
The RBC data makes clear that parental support has broadened well beyond the occasional loan or tuition top-up.
More than half (51%) of Canadian parents have provided financial assistance to an adult child in the past 12 months, giving an average of just over $6,000. Nearly one in five gave between $10,000 and $19,999.
Among those providing support, 56% help pay for groceries, 43% have covered an unexpected or emergency expense, 24% help with rent, 21% contribute to utilities and 12% assist with credit card or debt repayments.
The data also shows that some categories of support deepen as children get older. Grocery assistance, for instance, remains significant: 43% of parents with children aged 35 to 40 are still helping pay for food. For advisors working with clients in the 55–70 age range, these ongoing obligations can represent a meaningful and often unplanned draw on assets that were expected to fund retirement.