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Bankrate: Parents Putting Off Retirement Savings to Pay Adult Kids’ Bills

photo: theconversation.com

Washington DC (670 KBOI News) – Young adults think it’s okay to let their parents keep paying the bills longer than their parents do…and it’s keeping the parents from saving for their own retirement.

That’s according to a recent survey by Bankrate.com…analyst Kelly Anne Smith says they talked with Millennials, and Baby Boomers.

“50% of respondents who have adult children are saying they are sacrificing their retirement savings to pay for their adult childrens’ bills,” said Smith.  “That’s a pretty alarming statistic; that’s half.”

Smith says there’s a disconnect between the generations about when kids should start taking responsibility for their own bills…for instance, Millennials thought 20 years old is a good time to start paying their own cellphone bills…Baby Boomers say 18.

Click here to read the full report.