A new BMO survey highlights a growing trend in the GTA: parents jeopardizing their retirement savings to financially support their adult children. With rising housing costs and economic uncertainty, many parents feel compelled to help with down payments, living expenses, and more. The survey reveals that nearly half of Canadian parents plan to provide financial assistance, even knowing it will negatively impact their own retirement plans. This intergenerational wealth transfer is becoming increasingly common, particularly in the GTA’s competitive housing market. While parents want to give their children a leg up, experts caution about the potential risks to their own financial security. Read more about this trend and its implications for GTA families in the full article.
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