More parents helping adult children with finances, BMO survey suggests

By Lethbridge Herald on October 2, 2025.

Alexandra Noad
Lethbridge Herald
Local Journalism Initiative Reporter

A recent survey from Bank of Montreal (BMO) shows parents and grandparents are stepping in as financial safety nets for Gen Z and Millennials, with 45 per cent saying they will be providing financial support within the next year.

Toni Tintinalli, head of specialized sales team for BMO, says with the cost of everything rising, parents and grandparents are considering giving younger family members the equivalent of an early inheritance to enable them to get ahead in life instead of playing catch-up.

“It goes beyond the idea that there’s going to be an inheritance,” says Tintinalli. “I think it’s about just helping the next generation cope with some of the expenses today.”

Twenty years ago, the average price of a home in Canada was $243,300. Today it’s nearly triple that number, at $687,300.

While 73 per cent of Baby Boomers are planning on leaving a cash inheritance, Tintinalli says many parents and grandparents are looking about helping their children today, rather than waiting and saddling them with inheritance tax.

“It’s really, really important to consider how this wealth transfer is changing, just because of how things have become more expensive than they were 20, 30 years ago”

He adds that this wealth transfer may not be for everyone, and each family has unique needs. A transparent conversation between parents and children should take place before decisions are made.

“Also make sure you have a really good financial plan and really good financial advice to help navigate the complexity today.”

When it comes to budgeting, investing and saving for the future, Tintinalli encourages everyone to seek professional financial advice.

“There are a lot of different variables (in financial planning) and so seeking financial advice through an advisor, whether it’s a financial planner or a wealth advisor, is a critical way to help you prepare properly for the future.”

As the old Chinese proverb goes, “the best time to plant a tree was 20 years ago, the second-best time is now” and Tintinalli says while Gen Z and Millennials may not have as much money as older generations did at their age, he sees them planting their financial seeds now to have strong roots as they get older.