The overall increase in living expenses in recent years is partly due to the cost of parenting. Are grandparents stepping in to help?
A quiet normalization of parents helping their adult kids financially happened over the past 15 years or so. The obvious next chapter: Help for grandchildren.
A recent poll sponsored by Toronto-Dominion Bank found that 57 per cent of parents expect to financially support adult children. Top reasons include the high cost of living, the cost of home buying and a sense that kids are becoming financially independent later in life. Will parents decide to keep the financial support flowing when their kids have kids? A big part of the overall increase in living expenses in recent years is the cost of parenting. Feeding a family of four, plus paying expenses like child care, activities, tutoring and summer camps is a heavy load.
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