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Nearly 70% of parents with kids 18 or older say they’ve sacrificed their own finances to help them, according to a new Bankrate report. About half are forking over emergency savings or delaying paying off debt for the sake of their children. And as the market turmoil creates a $7t retirement-savings shortfall, 43% say supporting their adult kids has been draining their retirement funds.
“Remember that saying about putting your oxygen mask on before helping others,” said Bankrate senior analyst Ted Rossman. “Young adults are wrestling with student loans and high household formation costs, but if parents overextend themselves in an effort to help, they might end up jeopardizing their own financial security.”
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