"The Financial Strain of Supporting Adult Children: A Growing Trend Impacting Parents' Retirement Savings"

A Pew Research study reveals that three-fifths of parents with adult children provided financial assistance 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 house prices, many parents are dipping into their retirement savings to help their children with expenses such as groceries, utilities, rent, and education. While this support can be a blessing in some cases, financial planners caution that parents need to ensure their own financial needs are met and avoid jeopardizing their retirement savings.