A new study suggests that 50% of American parents are using their retirement savings to financially support their children.
The Bankrate survey found higher earners with adult children are more likely to dip into their savings, while lower-income parents are more likely to have never saved for retirement at all.
In fact, 1 in 6 parents making less than $50,000 said supporting their grown-up children prevented them from putting away anything for retirement.
Meanwhile, 60% of those with adult children and a household income of $80,000 said they've cut back on their retirement savings in order to pay for their adult children's bills, which include cell phone and card payments, insurance, housing, and student loans.
So, why are parents increasingly dipping into their savings to support their adult children?
The survey mentions "helicopter parenting," suggesting more parents have been more co-dependent with their children throughout childhood, making it hard to let go in adulthood.