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There is no doubt that it’s hard to be a young adult right now. Between the high cost of housing, a challenging job market, and persistent inflation , people in their 20s and 30s are feeling the financial pinch, which means parents are supporting their kids well after graduation.
But while many parents are happy to provide continuing financial support – are they obligated to do so?
One major thing that kids are depending on their parents for well into adulthood is housing . A 2024 report by The Vanier Institute of the Family shows that 31 per cent of people between the ages of 25 and 29 live with at least one of their parents up, from just 17 per cent 30 years ago.
That’s a big shift and stems from how unaffordable housing has become: the mortgage payment-to-income ratio in many cities is ridiculously high (82 per cent in Toronto ) and it can take years to save for a down payment (28 years in Vancouver .)
Then there’s the issues of the family home. Empty nesters might be looking to downsize. Selling their larger family home and renting a smaller condo or apartment can add a big chunk of money to their retirement nest egg.
