A new study in Canada has revealed that baby boomers are finding it tough to manage their finances for parenthood and their grown up children.

This has resulted in their reduced retirement savings, and increased debt levels.

Investors Group's Boomers in 500 online surveys, for 43 to 63 years age group, found that every six out of ten parents are shelling out on an average $3,675 per year on their grown-up kids.

Jane Olshewski, Manager, Investors Group said, ”Not only are their financial responsibilities lasting longer than expected, boomers are struggling with their own "cash crunch" as they prepare for their golden years”.

He further said that nearly 40 percent of them are complaining of stress, caused due to this dual support being provided by them to their aging parents and adult children.

Many of these parents have cancelled travel plans and renounced their hobbies.

These parents, on an average, travel about 190 km per month just to ensure some aid to their children which includes babysitting grandchildren, helping with major financial decisions, doing car repairs and performing home maintenance and repairs.

Adult children are adopting slow pace towards financial independence, and are having more educational awareness than previous generations, leading to more studies related debts being taken.