(WAOW) — Many parents of adult-aged children have found themselves in financial peril when it comes to retirement, and many still do.
According to a Bankrate study, more than half of the surveyed parents say they have dipped into their retirement savings, ranging from “somewhat” to “a lot,” to assist their over-18 child pay for things such as a cellphone bill, car insurance or student loans.
Per the survey, most parents believe children should start paying their own bills at 18. While baby boomers, according to the study, were more lenient with paying for student loans and health insurance a bit longer, they thought that other expenses, such as travel and housing costs, should be placed on the shoulders of their children sooner.
Student repayment averages at roughly $400 per month in 2019.
The financial snowball effect doesn’t stop there for either side, though. According to studies of Labor Department statistics from the Liscio Report, adults 55 and older accounted for roughly half, or 1.4 of 2.9 million new jobs documented by the Labor Department’s household survey, of the country’s employment gains last year.
One reason for that is because some adults in that same age group get to the point of retirement, only to realize they don’t have enough money saved up. In turn, millennials are increasingly susceptible to being beat out for jobs by members by of the preceding generation — jobs they may have otherwise held themselves.