"Rising Trend: Parents Dipping into Retirement Savings to Support Adult Children"

A Pew Research study shows that three-fifths of parents with adult children provided financial help in the past year, highlighting the ongoing financial support parents provide to their grown-up kids. With economic challenges facing young adults, including rising college costs and housing prices, parents are increasingly using their retirement savings to assist with expenses such as household bills, cell phone bills, rent, and education. While this support can be beneficial, financial planners caution that parents need to ensure their own financial needs are met and avoid jeopardizing their retirement savings.