According to a new study out yesterday from the Pew Research Center, about six in 10 parents admit they’ve given at least some financial help to their adult children ages 18 to 29 in the past year. That jibes with a recent study by Merrill Lynch, which found that 79 percent of parents say they give some financial support to their adult children.
The Pew study found that the share of young adults who could be considered financially independent from their parents by their early 20s has gone down in recent years. In 2018, 24 percent of young adults were financially independent by age 22 or younger, compared with 32 percent in 1980.
All in all, nearly three in four parents (72 percent) say that they have put their children’s interests ahead of their own need to save for retirement. About two in three (63 percent) say they have sacrificed their financial security for the sake of their children.
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