The Price of Supporting Grown Kids: Delaying Your Retirement

January 10, 2024
1 min read

TLDR: A recent report from Intuit Credit Karma found that nearly one-third of American parents financially support their adult children, and the majority of them believe it is negatively impacting their own finances. The study showed that 76% of parents who financially support their adult children experience a negative impact on their finances, and 60% say it causes mental stress. Many parents are making sacrifices, such as cutting back on living expenses and struggling to afford basic necessities. The reasons for financially supporting adult children vary, with some parents feeling obligated to help and others citing high living costs and an unfriendly job market. However, the report suggests that parents should set boundaries and consider their own financial situation before providing financial support.

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