American Parents Have Tough Time Taking Care of Adult Children
News outlets like to blame “the Pandemic” for destroying the economy, not the lockdowns.
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A new poll released by Bankrate found that seven in 10 parents with adult children are currently making financial sacrifices to help provide for their offspring.
The poll found 68 percent of parents tapped into their emergency savings, retirement funds, and other financial milestones to provide for their children who are 18 and over, CNBC reported. The study went on to say that about one-third of these parents said they had to sacrifice “significantly” to keep their children afloat.
About 51 percent of these parents said they used emergency savings funds, 49 percent said they sacrificed paying off their own personal debt, and 43 percent said the financial support impacted their retirement savings. (See “COVID LOCKDOWNS, NOT THE ‘PANDEMIC’ RUINED LIFE ON EARTH,” 4 Apr 2023.)