When Do They Grow Up?

You can’t wait till they grow up to be 18, assume the responsibilities of adulthood and move out of the house. For many parents, though, the financial responsibilities linger.

“50% of Americans with adult children are saying that paying for their bills is jeopardizing their retirement savings,” says Kelly Anne Smith with Bank rate, which crunched the numbers.

Okay, during their college years you’re going to still have to foot the bill, right? It goes deeper than that, Smith suggests, pointing to a generational difference in perception.

“Boomers say that the sooner that someone can start paying for their bills the better but Millennials say that people should start paying for their own bills a little later,” adds Smith.

Whether it be car payments, phone bills, credit cards, student loans or housing costs, the bank of mom and dad does not keep bankers hours, or years.

More than 1 in 6 of parents making less than $50,000 a year with a child 18 or older in the house say they aren’t able to save anything for their retirement. 60% of parents making more than $80,000 a year say paying for their adult children means they have to cut into what they are able to save fore retirement.

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