Canadian parents provide adult children with $24K to move out

Parents give 24K average to help move out

On average Canadian parents gift their children $24,000 so they can move out. Inside Halton digs deep into Canadian Imperial Bank of Commerce’s (CIBC) commissioned poll to found out more about families gifting money.

CIBC highlighted that 76% of parents would happily give money if it’d help their children move out, get married or live with their partner. With 2 out of 3 parents preferring to give their adult child money than have them remain living at home.

On average $24K is gifted, based on the varying income of the sampled parents.

However, lending or gifting large amounts of money can be risky. That’s why Inside Bilton highlights potential negative outcomes involved to help you make the right financial decision.

Read the full article by clicking the link

Credit: Peter Watson

Source: www.insidehalton.com/

 

 

 

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