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The Bank of Mom and Dad is the tiresome catchphrase for parents helping their adult children. What do we call it when those kids support their parents?

I’m open to ideas on that. Meantime, I want to dig into the economics of adults providing financial support to parents. Below, you’ll find an anonymous survey for people aged 18 and older. Stand by for a full report on the findings.

There’s some demographic urgency to the issue of adults supporting their parents. Canada’s population is aging, and life expectancy keeps rising. The 2021 census shows that one of the fastest growing age groups is people who are 85 and older. During their working years, were these seniors able to save enough for 25-plus years of retirement? Let’s find out.

Here’s the survey.

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Rob’s personal finance reading list

What’s hot in mortgages

Not variable rate loans – they’re largely being ignored right now. What’s hot are short-term fixed rate mortgages.

31 ways to save on groceries

Food prices have been rising sharply for more than a year now, so you’ve probably explored a lot of ways to cut your spending at the grocery stores. If you’re open to new ideas, check out this thorough list.

The instant investment portfolio

A review of all-in-one exchange-traded funds, a kind of ETF that combines all the stocks and bonds you need for a diversified portfolio into a single fund. Also known as asset allocation funds, these products are an ideal way to invest for the long term. Now, for some further advice on picking the right all-in-one ETF. And, finally, a look at a couple of all-in-one funds that hold only stocks from Canada and around the world.

Why people fear retirement

It’s all about fear of the unknown. For some people, working gives them more control over their lives.

Ask Rob

Q: How long can you carry forward the tax deduction from a First Home Savings Account and, once you open an account, what about carrying forward unused contribution room? My son is still a student, so the tax deduction will be useless for several years and we won’t be able to help him fund the account for a few years.

A: The tax deduction for an FHSA can be carried forward indefinitely. You can carry forward up to $8,000 in unused contribution room per year. If you open an account this year and contribute nothing, you could add $16,000 to the account next year. That’s the maximum $8,000 for 2024, plus $8,000 carried forward from 2023.

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

How household debt in Canada compares to countries around the world.

The money-free zone

Have you tried Hi-Chew, a chewy fruit candy from Japan? I’m not a big candy guy, but these are something else. Mango is the best.

Watch this

Your boss wants you back in the office rather than working at home? Here are some ways to negotiate this move so it works for you as well as your employer.

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