More than half of B.C. parents are worried they will have to delay their retirement to help pay their children’s student loans.
And nearly half — 49 per cent in B.C., slightly higher than the national percentage of 48 — say they expect that cost to delay their retirement, according to FP Canada, a professional body of financial planners that commissioned the poll.And it’s much higher than the B.C. parents with older children who said they have already helped out their children with school costs, according to the survey.
About one-quarter of B.C. parents reported their children graduated or will graduate from college or university with more than $10,000 in debt. She said because of the high costs of buying or even renting, coupled with student debt, prevents some adults from leaving the parents’ home.“Having that conversation with your children can be scary because they want to provide everything for their children,” she said.
The best way to start is to share the family budget with them and show them the expenses versus the income so the children can become involved in family finances.A financial planner can help parents with a financial plan for the future that is “customized and tailored to you.”Keehn said a recent survey showed that two-thirds of Canadians weren’t aware of government tax shelters, such as RESPs, that can help parents save for their children’s education.
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