Cost of living in Canada: Are your helping your grandkids? [Video]

Many Canadian seniors are not only concerned about saving for retirement.

High living costs are having a ripple effect on Canadian families, with 43 per cent of grandparents who financially support their children or grandchildren saying they feel obligated to do so, according to a new study.

• The information you need to know, sent directly to you: Download the CTV News App

The study, released Wednesday by Bloom Finance in Partnership with Angus Reid, found that 55 per cent of seniors surveyed currently support their children or grandchildren with everyday living expenses, including groceries, gas, clothing and cellphone bills. Of the respondents, 33 per cent provided funds for extracurricular activities or child care, and 26 per cent supplied rent or mortgage payments.

Seniors’ financial generosity towards their loved ones comes at a cost to them, the report found. Among those surveyed, 65 per cent said their financial support obligations have affected their retirement savings, …