Can this 68-year-old afford to take her kids on a trip and help them buy homes? Plus: How to find professional advice when struggling financiallyAfter a few very difficult years for Lisa and Miles, Lisa is trying to look to the future again. Miles has been confined to a nursing home with an especially nasty form of dementia.
Her concern now is getting a handle on her income and expenses to see where she stands financially. She’s upped the payments on their $90,000 mortgage so it will be paid off in three years. Now she needs a rest. One major thing that kids are depending on their parents for well into adulthood is housing. A 2024 report by The Vanier Institute of the Family shows that 31 per cent of people between the ages of 25 and 29 live with at least one of their parents, up from just 17 per cent 30 years ago.
The federal government has acknowledged as much in its current financial literacy strategy. “While relevant and unbiased financial advice is available to those who can afford it, low cost or free options for advice are limited,” wrote the Financial Consumer Agency of Canada.