Boundaries, communication are key for parents running the Bank of Mom and Dad

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The Canadian Press

Ritika Dubey

Published Feb 27, 2024 • 4 minute read

As inflation makes it nearly impossible for young adults to afford a living, parents are constantly stepping up to bail them out of massive bills. Sometimes, at the cost of their own financial well-being. Credit cards shown on Thursday, Oct. 6, 2022.THE CANADIAN PRESS/Andrew Vaughan Photo by Andrew Vaughan /The Canadian Press

TORONTO — In a world of sky-high home prices and rising cost of living, many parents are inclined to financially help their adult children. But experts say parents need to lay out clear guidelines before their children tap the Bank of Mom and Dad to ensure they don’t put their own retirements on the line.

“If there (are) no boundaries, the parents can put themselves in a shaky position,” said Sara McCullough, a financial planner and owner of WD Development.

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The Canadian Press

2024-02-27 10:01:50

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