Survey: 4 out of 5 parents help their children financially

Jim Hanzo
October 25, 2018 - 8:40 am
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It  happens with more frequency.  4 out of 5 parents help their adult children financially, according to the study from CreditCards.com.  
Everything from groceries to student loans, paying cell phone bills electric bills.  

Chuck Simmons, financial advisor with TruWealth Advisors says he sees it all the time and for many, they are just spending beyond their means.

"And they find themselves getting into trouble with debt and other obligations that they can't handle when adjustments or changes come," Simmons said.   

1 out of every 2 parents are dipping into their personal savings to support their children.  

"We get calls constantly from parents who need to redeem money from the retirement plans to help an adult child out, whether it's a first purchase of a home, paying down some debt, maybe education costs for children," Simmons noted. 

He said it happens more than children realize.  

"Parents have not in many cases planned to support their kids, and many of my parents, today, are even raising their own grandchildren," Simmons added.   

Simmons suggests they talk to a financial advisor who can help guide them on a path that should help them financially.

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