Most baby boomers don’t want their kids funding their golden years: survey
Posted Jan 27, 2015 9:27 am.
This article is more than 5 years old.
VANCOUVER (NEWS1130) – If your parents are baby boomers looking at retirement, you may feel they’ve given you a lot, and you feel you owe it to them to make sure their golden years are comfortable.
But a new survey suggests a lot of Moms and Dads don’t want the help.
More than three quarters of baby boomers fall into that category, with just under three-quarters of their kids’ generation saying they do feel a responsibility to make sure their parents live comfortable lives in their retirement.
However, more than one third of boomers who know how much they need to put away to be comfortable figure that right now, they aren’t where they expected to be with their savings. They’re either a bit short or nowhere close.
Many boomers see their own generation as having faced less financial pressures than their kids, and as being better prepared for retirement.
RBC, which commissioned the poll, says those may be among the reasons they don’t want to rely on their kids and would rather look after themselves.
The poll also found having enough in retirement savings is a top concern for more younger Canadians than boomers. Balancing short-term savings with long-term or retirement savings is also more of a worry for those between 18 and 34.
