Parents Drain Retirement Funds to Support Adult Children

A new Bankrate report reveals that 70% of parents with adult children have financially supported them, with 43% draining their retirement funds. Gen X parents are more likely to make a significant monetary sacrifice. Views on when children should start paying their own expenses vary by expense type

April 11, 2023 . 11:36 AM

1 min read

70% of parents with adult children have financially supported them.
43% of these parents have drained their retirement funds to support their adult children.
Gen X parents are more likely than baby boomers to make a significant monetary sacrifice.
Bankrate senior analyst advises against overextending oneself financially to support adult children.
Views on when children should start paying their own expenses vary by expense type and generation.