As parents we make a lot of sacrifices for our children, and this extends to potentially risking our own financial security to help them out even in adulthood.
That’s according to a new report from Bankrate.com which found that three in five survey respondents have make at least one financial sacrifice so they can help their adult children financially. Emergency savings (43%), paying down debt (41%), and retirement savings (37%) are among the sacrifices made, along with their ability to reach other financial milestones (44%).
“Parents are least likely to sacrifice their retirement savings in order to help their adult children financially," said Bankrate Chief Financial Analyst Greg McBride, CFA. “The fact that other financial milestones are first on the chopping block does suggest parents are appropriately prioritizing retirement savings – whether that is continuing to save or preserving what they’ve already saved.”
The report found that more than a quarter of adults (aged 23+) said their parents have supported them financially or are currently doing so. While Gen Zs are most likely to say this (42%), Millennials (42%), Gen Xers (22%), and Bomers (10%) have also received help from their parents.
This is most often housing costs with 49% having received financial help for this such as assistance with rent payments or being allowed to live with their parents for a low rent or rent free. Around half have also received ongoing support for everyday expenses.
“Housing costs and everyday expenses are the most common areas where adults are receiving, or have received, financial assistance from their parents,” added McBride. “Persistent inflation and housing affordability woes make it unlikely that this will change any time soon.”Those adults who return home to live with their parents, so called ‘Boomerang Kids’ are rising their own finances and those of their parents according to a recent Thrivent survey.
From outstanding individuals to innovative organizations, find out who made the final shortlist for top honors at the IN awards, now in its second year.
Cresset's Susie Cranston is expecting an economic recession, but says her $65 billion RIA sees "great opportunity" to keep investing in a down market.
“There’s a big pull to alternative investments right now because of volatility of the stock market,” Kevin Gannon, CEO of Robert A. Stanger & Co., said.
Sellers shift focus: It's not about succession anymore.
Platform being adopted by independent-minded advisors who see insurance as a core pillar of their business.
RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.
As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.
