{"id":88221,"date":"2024-07-19T15:03:24","date_gmt":"2024-07-19T19:03:24","guid":{"rendered":"https:\/\/www.rbcroyalbank.com\/en-ca\/?post_type=rbc_my_money_matter&#038;p=88221"},"modified":"2024-10-02T13:47:25","modified_gmt":"2024-10-02T17:47:25","slug":"banking-on-grandma-grandpa-how-canadas-grandparents-are-sacrificing-their-savings-to-support-adult-children-and-grandchildren","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/life-events\/finances-and-relationships\/parenthood\/banking-on-grandma-grandpa-how-canadas-grandparents-are-sacrificing-their-savings-to-support-adult-children-and-grandchildren\/","title":{"rendered":"Banking on Grandma &amp; Grandpa: How Canada&#8217;s Grandparents are Sacrificing Their Savings to Support Adult Children and Grandchildren"},"content":{"rendered":"<div class=\"wp-block-rbc-single-article-header\">\n\t<section class=\"section-grey cover pad-t-hlf\">\n\t\t<div class=\"section-inner w-half w-mob-full centered-margin cover section-grey pad-tb-0\">\n\t\t\t\t\t\t\t<div class=\"inline-block pill-container pill-taxonomies\">\n\t\t\t\t\t<div class=\"mar-b-hlf mob-mar-b snipe pill is-style-blue-pill\">\n\t\t\t\t\t\t<a class=\"primary-taxonomy\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/family\/\">\n\t\t\t\t\t\t\t<span>Family<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<h1 class=\"mar-b-hlf mar-t-0 mob-pad-lr-hlf h2 has-black-color\">Banking on Grandma &amp; Grandpa: How Canada&#8217;s Grandparents are Sacrificing Their Savings to Support Adult Children and Grandchildren<\/h1><p class=\"mar-b-0 mob-pad-lr-hlf author-text\">By Diane Amato<\/p>\t\t\t\t\t<div class=\"featured-image-wrapper pos-rel\">\n\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/07\/Bank-of-Grandma-and-Grandpa-II-1.jpg?quality=80\" class=\" cover-image  wp-post-image\" alt=\"Multigenerational photo of family men\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/07\/Bank-of-Grandma-and-Grandpa-II-1.jpg 6240w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/07\/Bank-of-Grandma-and-Grandpa-II-1.jpg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/07\/Bank-of-Grandma-and-Grandpa-II-1.jpg?resize=768,512 768w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/07\/Bank-of-Grandma-and-Grandpa-II-1.jpg?resize=1024,683 1024w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/07\/Bank-of-Grandma-and-Grandpa-II-1.jpg?resize=1536,1024 1536w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/07\/Bank-of-Grandma-and-Grandpa-II-1.jpg?resize=2048,1365 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t<\/section>\n\t<div class=\"article mar-t-dbl\">\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner socials-section\">\n\t\t\t\t<div class=\"top-socials-bar mob-mar-b-hlf\">    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=Banking on Grandma &amp; Grandpa: How Canada&#8217;s Grandparents are Sacrificing Their Savings to Support Adult Children and Grandchildren &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/life-events\/finances-and-relationships\/parenthood\/banking-on-grandma-grandpa-how-canadas-grandparents-are-sacrificing-their-savings-to-support-adult-children-and-grandchildren\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/life-events\/finances-and-relationships\/parenthood\/banking-on-grandma-grandpa-how-canadas-grandparents-are-sacrificing-their-savings-to-support-adult-children-and-grandchildren\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  <\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner w-half w-mob-full centered-margin pad-tb-0 mob-mar-t-hlf mob-mar-b\">\n\t\t\t\t<p class=\"cover-pub-line text-xs mar-b-hlf\">Published July 19, 2024 \u2022 4 Min Read<\/p>\t\t\t<\/div>\n\t\t<\/section>\n\t<\/div>\n<\/div>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner w-half w-mob-full\" style=\"border-radius:0x\">\n<div class=\"wp-block-rbc-rbc-block drop-shadow pos-rel top-line-blue block-wpr  mar-b-hlf\">\n<div class=\"wp-block-rbc-rbc-block-inner-block block-inner\">\n<h2 class=\"wp-block-heading\" id=\"h-tldr\">TLDR<\/h2>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>According to a recent RBC poll, 21% of grandparents are supporting at least one adult child aged 25+ and 30% have provided money to grandchildren.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>54% of the 21% of grandparents are sacrificing their savings and 33% are worried about running out of money.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Grandparents are under pressure, with 70% reporting their adult children expect them to help cover basic living expenses.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>This troubling trend is jeopardising grandparents\u2019 ability to support their financial future.<\/p>\n<\/li>\n<\/ul>\n<\/div>\n<\/div>\n\n\n\n<p>It\u2019s not unusual for grandparents to provide financial assistance to younger generations, especially when it comes to education and housing. But what was once a desire to help, has become a necessity, as grandparents are increasingly called upon \u2013 and expected \u2013 to pitch in to help cover everyday living expenses for their adult children and grandchildren.<\/p>\n\n\n\n<p>Canadians of all ages are feeling the pinch in today\u2019s economy, and many grandparents have been dipping into their retirement savings to provide support. But in doing so, they\u2019re putting their own financial stability and retirement plans at risk.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">The cost of helping out<\/h2>\n\n\n\n<p>According to the&nbsp;<a href=\"https:\/\/www.rbc.com\/newsroom\/news\/article.html?article=125923\" data-dig-id=\"LP-88221-8d8b9ad7\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"2024&nbsp;RBC Family Finances Poll \u2013 Grandparents Edition\" class=\"rbc-link-format\"><strong>2024&nbsp;RBC Family Finances Poll \u2013 Grandparents Edition<\/strong><\/a>, 21% of grandparents are supporting at least one adult child aged 25+ and 30% have provided money to their grandchildren. Among those surveyed, more than half (54%) indicated they are sacrificing their own savings to provide this assistance to their family members, and more than half (52%) have made, or would need to make, significant lifestyle changes to continue their financial support. In addition, over 20% have taken on debt to provide this financial assistance and more than a third are worried about running out of money. In other words, they are jeopardizing their own lifestyles and future plans to provide a helping hand today.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">The impact of helping out<\/h2>\n\n\n\n<p>And this isn\u2019t once-in-a-while type of support. 70% of grandparents surveyed said that their adult children expect them to help cover necessary costs such as food and clothing and many (54%) are providing this money at least monthly. This consistent outflow of cash can be difficult to keep track of (especially when it\u2019s unexpected) and can be a persistent drain on older adults\u2019 finances.&nbsp; \u201cThe closer they get to retirement, the bigger the impact unplanned costs such as these can have on their retirement savings. And for those who are already retired and living on a fixed income, these added expenses can pose an immediate risk,\u201d says Craig Bannon, Director, Financial Planning Centre of Expertise, RBC.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Tips for&nbsp;<a><\/a>grandparents<\/h2>\n\n\n\n<p>Whether approaching or living in retirement, Canadian grandparents must be able to rely on their savings to support their own financial futures. While there may be strong motivation to support adult children and grandchildren who need a hand, it\u2019s important to balance their financial contributions with protecting their own needs. Here are some ways to try and achieve this balance:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list default is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"is-style-default default\"><strong>Set expectations.<\/strong>&nbsp;When adult children expect financial support, it can not only be a financial drain on parents, but it can also put significant pressure on relationships. Having open conversations across generations can help the older generation understand what financial shortfalls might exist and help the younger generation understand the limitations of the \u201c<em>bank of grandma and grandpa\u201d.<\/em>&nbsp;Speaking openly and honestly about finances can help ensure resources aren\u2019t overstrained and there are fewer surprises to navigate.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Have a plan.<\/strong>&nbsp;Once needs are identified, it\u2019s a good idea to put a plan together that includes how much money will be provided and how that fits into the grandparents\u2019 budget. A financial advisor can help create this plan, to help ensure grandparents have enough cashflow and provide advice on how to stay financially healthy.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Keep track.<\/strong>&nbsp;According to the poll, 43% of grandparents don\u2019t know how much money they have provided to their adult children, and 34% don\u2019t know how much has been given to grandchildren. For those living on a fixed income in particular, it is crucial to know how much is going out so there isn\u2019t a critical financial gap later. To that end, it\u2019s important to understand how financial support provided today can affect future financial stability.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p>While the current economy is putting enormous strain on many Canadian families, relying on grandparents is a troubling trend that can put older Canadians\u2019 futures at risk. Having open communications about family finances, setting clear expectations and having a long-term plan in place \u2013 for everyone \u2013 can help all generations achieve financial stability.<\/p>\n\n\n\n<p>For more information about the 2024 RBC Family Finances Poll \u2013 Grandparents Edition, view the&nbsp;<a href=\"https:\/\/www.rbc.com\/newsroom\/news\/article.html?article=125923\" data-dig-id=\"LP-88221-237259f8\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"RBC press release\" class=\"rbc-link-format\">RBC press release<\/a>.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse834a1009\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse834a1009\" data-dig-id=\"LP-57738-834a1009\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things our lawyers want you to know\"><span>Things our lawyers want you to know<\/span><span>Things our lawyers want you to know<\/span><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse834a1009\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p>This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\t\n\t<div class=\"wp-block-tk-spacer id-6fe4a6b3-64ea-464e-aff2-33273e1106b5\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<p class=\"has-text-align-center h5 mar-b\"><strong>Share This Article<\/strong><\/p>\n\n\n\n\t\t<div class=\"socials-block\">\n\t\t\t    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=Banking on Grandma &amp; Grandpa: How Canada&#8217;s Grandparents are Sacrificing Their Savings to Support Adult Children and Grandchildren &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/life-events\/finances-and-relationships\/parenthood\/banking-on-grandma-grandpa-how-canadas-grandparents-are-sacrificing-their-savings-to-support-adult-children-and-grandchildren\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/life-events\/finances-and-relationships\/parenthood\/banking-on-grandma-grandpa-how-canadas-grandparents-are-sacrificing-their-savings-to-support-adult-children-and-grandchildren\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  \t\t<\/div>\n\n\t\t\n\n\t\n\t<div class=\"wp-block-tk-spacer id-614684ef-d26c-4bbd-aeb2-755b8909a229\" aria-hidden=\"true\"><\/div>\n\t\n\n\n\t\t\t<div class=\"wp-block-rbc-single-post-topics related-topics-links\">\n\t\t\t\t<p class=\"h5 mar-r-hlf\">Topics:<\/p>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/family\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Family<\/a>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/parenting\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Parenting<\/a>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/relationships\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Relationships<\/a>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel mob-pad-t-dbl\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading mar-b mob-mar-b-dbl mar-t-0\" id=\"h-read-this-next\">Read This Next<\/h2>\n\n\n\t\t\t<div class=\"related-posts-type-2\">\n\t\t\t\t<div class=\"related-post-list\">\n\t\t\t\t\t<ul class=\"grid-wpr eh-wpr\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class= 'grid-one-third grid-tb-full grid-mob-full mar-b'>\n\t\t\t\t\t\t\t\t\t\t<article class=\"col-wpr mar-b-0 mar-r-0 mar-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"postcard-img-ctr post-card-image col-md-12 col-xs-6 mob-mar-b-0 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pad-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/03\/shutterstock_570500365_SandwichGeneration.jpg?quality=80&amp;w=1024\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Three generations of a family on a beach representing the sandwich generation who care for elderly parents while raising children.\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/03\/shutterstock_570500365_SandwichGeneration.jpg 8688w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/03\/shutterstock_570500365_SandwichGeneration.jpg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/03\/shutterstock_570500365_SandwichGeneration.jpg?resize=768,512 768w, 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href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/life-events\/finances-and-relationships\/parenthood\/sandwich-generation-financial-planning-in-canada-a-complete-guide\/\" class=\"card-title h4 mar-t-0\">Sandwich Generation Financial Planning in Canada: A Complete Guide<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n<\/section>\n<style class=\"advgb-styles-renderer\">\n\t\t.wp-block-tk-spacer.id-6fe4a6b3-64ea-464e-aff2-33273e1106b5 {\n\t\theight: 96px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-6fe4a6b3-64ea-464e-aff2-33273e1106b5 {\n\t\t\theight: 30px;\n\t\t}\n\t}\t\n\t\t.wp-block-tk-spacer.id-614684ef-d26c-4bbd-aeb2-755b8909a229 {\n\t\theight: 60px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-614684ef-d26c-4bbd-aeb2-755b8909a229 {\n\t\t\theight: 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