We know it’s common for Gen Zs and millennials to live at home with their parents, but what exactly are the living arrangements?
For example, how many parents charge their adult kids rent? How much is that rent, and are parents using it for household expenses or saving it with the idea of returning it to their kids later on? My colleague Ana Pereira is looking into these questions for a story, and she’s seeking both data and stories from families. Below, you’ll find a quick, anonymous survey for parents who have adult kids living at home. Stay tuned for a report on the findings.
We know from a previous Carrick on Money survey that parents are offering substantial amounts of financial support to their adult children. Of the 3,095 people who participated in that survey, 47 per cent said they provided room and board for their kids. Roughly the same percentage of parents also said they provide cash on a random basis to their adult kids, and there were many other types of financial assistance as well.
Now, let’s hear more from parents who have adult kids living at home about rent calculations:
Subscribe to Carrick on Money
Are you reading this newsletter on the web or did someone forward the e-mail version to you? If so, you can sign up for Carrick on Money here.
Rob’s personal finance reading list
What to expect from gasoline prices this summer
Gas prices are well down from a year ago – a look at what to expect in the summer months.
He’s going with all stocks for his kids’ RESP
An investing blogger chooses all-equity asset allocation ETFs for his children’s registered education savings plan. He takes you through his rationale for this aggressive approach, and the various exchange-traded funds he considered.
An EV reality check
An EV owner reports on the difficulty she’s had finding a place to charge her vehicle. High gas prices mean nothing to EV owners, but there can be logistical challenges involved in finding a charger.
The best car seats for kids
A list of best car seats for infants and toddlers, based on safety factors. Costs range widely. How I don’t miss the days of having two cars and two kids and their car seats.
The greatest (debt) generation
For decades, one of the most persistent storylines in personal finance has been high levels of household debt. I talk about high debt levels in this episode of The Globe and Mail’s Decibel podcast.
Ask Rob
Q: Would a non-redeemable guaranteed investment certificate term of, say, five years, complicate the settling of an estate if the person was to pass away a few years before the GIC expiry?
A: I put this question out there for my financial planner connections on LinkedIn and their view is that most issuers allow a GIC to be redeemed before maturity if the holder dies, with no penalty. The executor needs to present a death certificate and request payout.
Do you have a question for me? Send it my way. Sorry I can't answer every one personally. Questions and answers are edited for length and clarity.
Tools, explainers and guides
All about the cost and benefits of getting a NEXUS card for expedited travel between Canada and the United States.
The Money-Free Zone
A Twitter thread about albums people fell in love with on first listen.
From the Twitterverse
Would you like to see Canadian housing prices fall to help young people?
More Globe and Mail personal finance stories
- My car was stolen – what’s next?
- Ottawa’s clawback of COVID-era benefits is punishing small mistakes and hurting the poor
- Natural vs. lab-grown diamonds: Why the world’s most popular stone is becoming increasingly affordable
More Rob Carrick and money coverage
Subscribe to Stress Test on Apple podcasts or Spotify. For more money stories, follow me on Instagram and Twitter, and join the discussion on my Facebook page. Millennial readers, join our Gen Y Money Facebook group.
Even more coverage from Rob Carrick:
- 🎧 Catch up on Stress Test: Why millennials and Gen Z are Alberta-bound for a more affordable life • Rising interest rates brought pain for new homeowners – and opportunity for house hunters • Why more Canadians are choosing to be child-free or delay parenthood • Love in the time of inflation: How to manage rising costs when dating • You’re not bad at money – you’re suffering from money shame • Retirement might look different for Gen Z and millennials. Here’s how to plan for it • Recession-beating tips for the job market, housing, investing and the cost of life • Is the middle class dead for millennials and Gen Z?
- ✔️ The housing file: A house isn’t special. Get your head straight about the reality of home ownership • The good, the sad and the unaffordable: Saving for a home down payment in Canada’s big cities • Property taxes are popping in some cities – how worried should you be about other tax hikes? • Our other real-estate problem – people have too much wealth tied up in houses • Borrowers and savers, here’s how to time the eventual rollback of interest rates
- 📈 Investing: Canada's top digital broker is TD Direct Investing, with an assist from the TD Easy Trade app • 2023 Globe and Mail ETF buyer's guide part one: Canadian equity ETFs • For the ultimate in cheap investing, check out the Freedom .08 ETF Portfolio • Yes, there is risk in Canadian bank deposits for the unwary and complacent • CDIC covers bank deposits, but who protects your investments if your broker goes bust? • Answers to your questions about the low-risk ETF paying almost 5% • Happy fifth birthday to one of the all-time best investing products for everyday people • An investing strategy that wins cleanly over the long term by outperforming in bad years like 2022
- 💰 Your money: Mortgage holders, savers and GIC investors, it’s time to change your thinking on interest rates • How much debt is each generation of Canadians carrying, and how do you compare? • For the sake of their financial futures, young people should leave Toronto and Vancouver • This practical new spin on a savings account might just peel you away from your big bank • Rental fraud grows amid rise in fake, falsified tenant applications • Are Canadians worse off financially now than in the 1980s? • From groceries to auto loans, here’s how much more it costs to live right now • When saving for retirement, should you change your asset mix over the course of your career? • Do retirement income needs always rise alongside inflation? Not necessarily • When the bank suggests you lock in your variable rate mortgage, it has an angle
