Its hard being a parent.
That pretty much sums the latest Real Financial Progress report prepared by BMO Bank of Montreal. And, as you’d expect in a report prepared for a bank, being a parent is expensive too.
In fact, 70-percent of the young people surveyed for the report said they want children but nearly half said being able to handle it financially actually outranked finding the right partner in their decision to start a family. And for those who have postponed or decided against having children, a large percentage said they would reconsider that position if there was a less negative effect on their finances.
Half feel overwhelmed by the financial burden associated with raising a family. Rising grocery prices topped the list of challenges on this front followed by toys and activities as well as daycare.
Then add in housing costs, especially in Ontario and BC.
We also have a range of views on how long we should support our children. A quarter said until they have their first full-time job but 30-percent said this is a lifelong responsibility.
