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Nearly 80% of American parents financially support their adult children, according to a 2018 Merrill Lynch survey. Many parents helping out with rent, groceries, debt, and other bills are doing so at the expense of saving for retirement, the survey found.
Seventy-two percent of parents said they put their children’s interests ahead of their own need to save for retirement. On top of that, 63% of parents reported sacrificing their own financial security for their children’s sake.
Given that majority of US parents support their adult children, does it make you a horrible parent if you don’t?