As a parent, it’s normal to want what’s best for your children and do whatever it takes to help them on their path to adulthood. However, many parents continue to provide financial help to their children once they’re grown-ups, married and with children of their own. They might not see it, but this support could become a toxic habit for them as well as for their children.
According to a survey conducted by TD Ameritrade in 2018 on 2000 respondents, millennials aged 19 to 37 admitted to receiving $11,011 in financial support and unpaid labor from their boomer parents, aged 50 to 70. What’s more, without that help, many of the surveyed millennials said they couldn’t have supported their current lifestyles.
Despite all the financial help they receive from their parents, millennials still believe they’ll become millionaires at some point in their lives. Another study performed by TD Ameritrade in 2018 revealed that 53 percent of millennials are optimistic about their financial future and expect to hit the jackpot sometime in the future.
Until that happens, it’s the parents and grandparents making the sacrifices to help their children and grandchildren stick to a lifestyle that many would not afford otherwise.