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A survey from TD Bank highlights increased concerns among parents in Atlantic Canada about their children’s financial future.
The survey indicates that 52 per cent of parents in the region expect to financially support their kids after they become adults, but 71 per cent aren’t confident in their ability to do so.
Also, 72 per cent of parents think their child will face greater financial challenges in life than they did, especially when it comes to major financial milestones.
Meranda Hamilton of TD Bank says the best advice she can give to parents who are worried is to speak with a financial expert.
She says they can help parents of young children come up with financial plans, and they can sit down with parents and their adult children to help them come up with budgets together.
A recent survey by TD Bank Group highlights growing concerns among parents in Atlantic Canada regarding their children’s financial futures. The study reveals that 52% of parents in the region anticipate financially supporting their children into adulthood, yet 71% lack confidence in their ability to do so.
Additionally, 72% of these parents believe their children will encounter greater financial challenges than they did, particularly concerning significant milestones such as purchasing a home or saving for retirement.
Meranda Hamilton of TD Bank advises concerned parents to consult with financial experts. She suggests that financial advisors can assist parents of young children in developing financial plans and can also work with parents and their adult children to create joint budgets.
This survey underscores the importance of financial literacy and proactive financial planning for families in Atlantic Canada, especially in the face of economic uncertainties and rising living costs.
