‘Boomerang kids’ with no jobs put financial future of baby boomer parents at risk: new research

Originally posted on National Post | News:

OTTAWA — New research from TD Canada Trust suggests boomers are taking on an added financial burden as they prepare for retirement — their “boomerang kids.”

The report, based on an survey by Environics Research, shows boomers are stepping up at a time of high youth unemployment offering their children help from free room and board to paying off credit cards.

Even more, one in five boomers say they would be prepared to put their own security and financial future at risk to see their children through a difficult period.

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The online survey of 2,155 Canadian parents with adult children out of school conducted at the start of the year found 43 per cent saying they have allowed them to stay at home rent free, and 29 per cent saying they have helped pay for a new car or computer.

In other findings, 23 per cent say they…

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