We love our kids. But when is supporting them financially a good thing, and when is it, well, not so good?
Nearly half of U.S. parents are helping their adult kids financially. In an AARP survey, the figure edged even higher, with 75% of parents providing some financial assistance to at least one adult child (age 18+). Another survey by Ameriprise Financial shows that 63% of parents cover ongoing expenses for children 21+, 76% help with big one-time expenses, and 36% worry about the impact on their retirement. Unfortunately, most parents agree — lending money to their adult kids is hurting their wallets.
