If you’re like most boomer parents, you give cash or some kind of financial support to your adult children. And while this is certainly a generous move, it’s also a risky one, especially for those who haven’t yet saved enough for retirement.
Fifty-nine percent of parents financially support their adult children (ages 18 to 39) who aren’t in college, according to a new study by the National Endowment for Financial Education. Nearly half (48%) help their adult kids with living expenses, 41% with transportation costs, and 29% with spending money. When asked why they do it, 43% of parents said it was because they were “legitimately concerned” with their child’s financial well-being, and 37% said it was because they didn’t want their children to struggle financially like they once did.
Answer by onethentwins at 8:36 PM on Jun. 10, 2011
Answer by BabyBugsmama at 8:04 PM on Jun. 10, 2011
Answer by older at 7:37 AM on Jun. 11, 2011
Answer by MissyNewMama at 5:38 PM on Jun. 11, 2011
Answer by mrsary at 4:17 AM on Jun. 13, 2011
Answer by Candi1024 at 8:42 PM on Jun. 10, 2011