Survey: More parents cutting into retirement savings to help adult children

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New report says more parents are using their retirement savings to support adult children.

A Bankrate Survey found high earners are more likely to dip in to their savings, while low income parents are more likely to never save for retirment.

In fact, 1 in 6 parents who make less than $50,000 a year say they did not save because they were supporting their adult children.

The survey says “helicopter parenting” could be a cause for the increase, making it harder for children and parents to let go in adulthood.

Copyright 2021 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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