Retirement Savings: Canadian Parents

Canadian parents: The first report, commissioned by CIBC, comes from an online poll of Canadian parents with kids under 25. It found that 36 per cent of these parents said they would be delaying their retirement due to their children's post-secondary education costs. That includes 19 per cent who said they d have to delay retirement for at least five years, according to CTV. Christina Kramer, an executive vice-president at CIBC, says the expenses of children's post-secondary education often hit parents when they are in their 40s and 50s a time when they are also typically looking to build up their retirement savings and Just how much does it cost to raise a child in todays world? Two reports released Thursday offer greatly different estimates -- with one finding many parents are delaying retirement to help pay for their childrens higher education; and another suggesting that childrearing doesnt have to be costly at all. As well, one-third of respondents said they had taken on additional debt to help put their children through school. (www.immigrantscanada.com). As reported in the news.