The cost of raising a child in the US this year exceeds 300,000 US dollars for the first time, and that does not include college tuition fees. Faced with increasingly high childcare expenses, many young parents began to rely more on their parents. As a result, the “Parent Bank” continues to pay for the third generation. According to the Bank of Montreal's Real Financial Progress Index survey, nearly two-fifths of parents with young children expect to receive or seek financial support from parents or grandparents in the next year. Of these, 47% said they would receive cash directly from relatives to cover basic daily expenses; a quarter expect relatives to save money into their child's 529 education savings account or other savings account.

The cost of raising a child in the US this year exceeds 300,000 US dollars for the first time, and that does not include college tuition fees. Faced with increasingly high childcare expenses, many young parents began to rely more on their parents. As a result, the “Parent Bank” continues to pay for the third generation. According to the Bank of Montreal's Real Financial Progress Index survey, nearly two-fifths of parents with young children expect to receive or seek financial support from parents or grandparents in the next year. Of these, 47% said they would receive cash directly from relatives to cover basic daily expenses; a quarter expect relatives to save money into their child's 529 education savings account or other savings account.