1 in 3 Canadian grandparents providing financial support to adult children and grandchildren

A new trend is emerging in Canadian households as grandparents step in to support their adult children and grandchildren financially—at an increasing rate.  

One in three Canadian grandparents are providing financial assistance, with many feeling a sense of responsibility to help their loved ones navigate the pressures of rising living costs and uncertain economic futures, according to the 2024 Financial Support Sentiment survey. 

The survey was conducted online with a sample of 503 Canadians aged 55 and older who were members of the Angus Reid Forum. 

This financial support extends beyond offering pocket money or occasional gifts, with 42 per cent of grandparents providing more than $5,000 to their children and 22 per cent doing the same for their grandchildren.  

Currently, 55 per cent support their children or grandchildren with everyday living expenses, 33 per cent help with childcare or extracurricular activities and 26 per cent help with rent or mortgage payments.  

From those surveyed, 65 per cent of grandparents say this support has affected their retirement savings.

Imagine attending a grandchild’s wedding, supporting their first home purchase, or helping them start a business. 

Grandparents eager to support their grandchildren can turn to Bright Start, which offers a meaningful way to invest in their education, business dreams, or future adventures without tapping into retirement funds or compromising their financial plans.  

CAA Protect’s Bright Start product provides a way to invest gradually over eight, 10, or 20 years. As time goes by, the policy’s value grows, offering your grandchild a financial foundation and a life insurance policy while preserving your savings. 

Learn more about CAA Protect’s Bright Start and how you can help your grandchildren and children succeed. Visit CAA Protect online or call 1-800-709-5809 to get started today.