The majority of Canadian retirees are supporting their adult children financially, which they say is having a negative impact on their own finances, a new report has found.report for 2024, 59 per cent of retirees report helping their non-student adult children with both day-to-day expenses and big-ticket items like home purchases, weddings and even education savings for their grandchildren.
However, it added that only 27 per cent of Canadians have a written financial plan, of which 85 per cent said they worked with a financial advisor to create a plan.Quebec residents are the most likely to have a written financial plan for retirement, compared with the average of Canadians living elsewhere .
The report added that 87 per cent of women with a written financial plan felt positive about their outlook for retirement, compared with 60 per cent of those without.