A recent survey has found that older Americans are doing everything they can to help their adult children, even going as far as dipping into their retirement savings.
The poll from Pew Research found that three-fifths of Americans have helped their adult children with financial support in the past year.
While economic turmoil has affected almost every American, the findings help illustrate just how much Americans are struggling to find their feet in adulthood. The report highlighted this with another statistic from a previous Pew survey that found almost half of adults ages 18 to 30 still live at home with their parents.
Other findings in the poll included 28% of adults ages 18 to 34 receiving financial help with household expenses like groceries in the past year, 25% having parents help with cell phone bills or streaming subscriptions, 17% with rent or mortgage payments, and 15% with medical expenses.
But the support from mom and dad doesn’t stop when adults hit 30, as the survey still found that one-third still rely on their parents to pay at least some of their bills.
While help from parents can be a make or break for some young adults, it also carries some danger.
Teresa Bailey, a financial planner from Nashville, shared with Yahoo News that some parents are going as far as to dip into their retirement savings in order to offer aid to their children.
“They feel like the economy is different now, and the world is different, and it’s more difficult for somebody to be fully financially independent,” she said.
Bailey says she works with parents who are supporting their kids and tries to ensure they aren’t putting themselves at risk of finally stepping away from work when they are of age.
“That’s the first thing we check,” she said. “Are you spending on your children and putting yourself in a situation where they will have to spend on you because you haven’t saved enough for retirement?”
Despite the hardships and struggles, a poll from Empower found that 60% of Americans feel they can reach financial freedom this year.
Still, stress over finances remains a huge concern for 72% of Americans, with 17% saying they worry about money every day.
The Empower poll also found that 47% of respondents defined financial freedom as not needing money from family or friends. On top of that, 44% said they defined “making it” as reaching financial independence.
“No matter your age, financial independence starts with clarity,” Keith Jones, a senior financial professional with Empower, shared. “Ask yourself what you want and why you want it. Establishing clear financial goals provides both direction and purpose, motivating you to work towards a more secure and satisfying financial future.”