A growing number of parents in this country are worried about the financial prospects of their children and they’re talking to them about it.
A survey by TD Bank paints a stark picture of how parents see the future for their children with six-in-ten saying they believe they will have to provide financial support to their children. And two-third of those say they have doubts about their ability to make that happen.
In broad terms, they don’t think their kids will reach financial independence until their late 20s.
On the big-ticket items, three-quarters say their kids will never be able to buy a home and about sixty percent will have trouble saving for retirement. Half fear their kids won’t have the financial stability to raise a family of their own.
It has prompted more conversations. Eighty percent of respondents say these talks are now happening monthly, an increase of fifteen percent over the findings in this survey a year ago. They usually use examples from their own daily experiences to illustrate stronger financial management techniques.
