Parents’ Support to Adult Kids: $500 Billion a Year

Parents’ Support to Adult Kids: $500 Billion a Year

Could this generosity be harming the parents’ retirement prospects? Many millennials are having a tough time financially launching their adult lives and careers, what with the high cost of rent, student loans and health care, plus unreliable gig-economy income. So it’s no surprise that many of their boomer and Gen X parents are offering financial support. But what may surprise you is how much support the parents are providing: $500 billion annually, according to a new estimate from Merrill Lynch and Age Wave, which is a thought leader on aging and its implications.

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