The Great Recession gave many young adults a rocky start at entering the workforce and becoming self-supporting. But even now with the economy improving, millennials are still looking to mom and dad for financial support. Some alarming numbers show the negative impact that could have on parents' retirement savings.
Even if the economy is booming and unemployment is really low right now, this isn’t translating into young adults leaving the nest at least financially. In a recent survey by CreditCards.com, a whopping 75% of parents say they’re still helping their adult children financially including day-to-day living expenses, groceries and even cell phone bills.
Another study showed that 80% of parents have helped to pay living expenses for their children over 18 years old. It estimated the impact that would have on the average retirement portfolio at just over $225,000 because that money is not being invested for the future when parents may need it.
Rob and Steve cover these topics on supporting adult children:
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