Over a third of parents make 'significant financial gifts' to children

Over a third of parents (38%) have already passed on significant financial gifts to the next generation according to AKG research co-sponsored by Canada Life. Of those who had gifted the top reason for doing so was to support children or grandchildren with general living expenses (21%). Almost two-fifths (18%) said it wasn't for a specific purpose and they just wanted to reduce the value of their estate. While 17% did so to fund the purchase of a car and 15% to fund other major purchases. Supporting family members with property costs was also a popular reason for gifting and 17% had h...