An empty nest won’t necessarily remain empty. According to Statistics Canada, 42% of young adults aged 20 to 29 live with their parents. Even at ages 25 to 29, 25% are back home.¹
A child can move home for any number of reasons — a low-paying job, unemployment, an ended relationship. Or a child might be gainfully employed but saving for a down payment on a home.
Whatever the reason, you’ll need to plan for the financial consequences, from covering their cost of living to postponing your plans to downsize. And you can’t expect your child to contribute financially when cash is the problem. Only 10% of young adults in their 20s living with their parents contribute to household expenses.1
If your child does return, it’s important to communicate and reach an understanding of the terms of living back home. Perhaps you’ll ask for help with household chores and upkeep. You’ll need to discuss what costs you will or will not cover, like cell phone bills and car insurance. Then there’s the biggest discussion of all — your child’s plan to become financially independent and live in their own place.
¹Statistics Canada, National Household Survey, 2011.
This material was prepared for and published on behalf of your financial advisor and is intended only for clients resident in the jurisdiction(s) where their representative is registered. This material is provided solely for informational and educational purposes and is not to be construed as an offer or solicitation for the sale or purchase of any securities or as providing individual investment, tax or legal advice. Consult your professional advisor(s) prior to acting on the basis of this material. Insurance products are available through advisors registered with applicable insurance regulators. Individual equities are available only through representatives of Assante Capital Management Ltd. In considering any particular investment, please remember that past performance is no guarantee of future performance. Although this material has been compiled from sources believed to be reliable, we cannot guarantee its accuracy or completeness. All opinions expressed and data provided herein are subject to change without notice. Neither CI Assante Wealth Management or its dealer subsidiaries Assante Capital Management Ltd. and Assante Financial Management Ltd., nor their affiliates or their respective officers, directors, employees or advisors are responsible in any way for any damages or losses of any kind whatsoever in respect of the use of this material. CI Assante Wealth Management is a registered business name of Assante Wealth Management (Canada) Ltd. Assante Capital Management Ltd. is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada. Assante Financial Management Ltd. is a member of the Mutual Fund Dealers Association of Canada and the MFDA Investor Protection Corporation (excluding Quebec). © 2022 CI Assante Wealth Management. All rights reserved.