[TSP_Strategy] Parents Assisting Adult Children

 

Charts of the Week

Parents Sacrificing Savings For Adult Children

Chart of the Week for May 3, 2019 - May 9, 2019

In April 2019, Bankrate commissioned an online survey of adults regarding the financial independence of their children. Among the questions asked were "at what age should you stop paying your children's bills" and "are you sacrificing your retirement savings to help your adult children?" The chart above shows the summary of responses to the question regarding sacrificing retirement savings.

Approximately 50% of the respondents said they were sacrificing retirement to assist their adult children. Some economists note how the evolution of parenting has changed and how many families may continue to have financial challenges from the Great Recession. Economists also note the effect of continued rising costs of education, as well as students working toward higher degrees and staying in school longer. Experts recommend reviewing your overall preparedness for retirement and how long you are prepared to continue working when evaluating how much support you may be able to offer your adult children.

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Posted by: sarah_oz@yahoo.com

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Ditulis oleh: Andriansyah -