Nearly two in five parents with young children, or 37%, expect to receive some sort of financial help from their own parents or grandparents over the next year, according to the BMO Real Financial Progress Index.
The finding comes as the cost of raising children continues putting pressure on household budgets nationwide. BMO found that 82% of American parents say the cost of raising children has “gotten out of control,” while 86% say everyday expenses including daycare, after-school programs, summer camps and school supplies are making it harder to save for their children’s futures. Over three quarters of parents said financial support from extended family is essential to afford opportunities for their children.
