Children from many affluent families are receiving “significant funding” from the “Bank of Mom and Dad” for post-secondary education, a first home and new businesses, a study of high-net-worth households has found. The report, by IG Private Wealth Management, on affluent Canadians and wealth transfer found those with at least $1 million in investable assets have been “reconsidering their finances in ways that prioritize not only their children but the world around them,” a news release Tuesday said. That includes giving each child, on average, $145,000 towards the purchase of a first home, the report said.
