Half of parents with children over 18 say they’ve dipped into their emergency funds or disrupted debt repayments to help them out, according to a new survey.
But for parents like Ed Lebert, a 41-year-old software engineer based in St. Paul, Minnesota, efforts to support family members who have struggled to gain financial independence represent a hidden cost that’s separate from those in grocery aisles or at the pump.
Lebert said he and his wife, who pay a $3,000-per-month mortgage, are trying to provide some slack for their daughter, who works at a local Chick-Fil-A, so she can save up to repair her car and stash away at least a year’s worth of rent. So far, the arrangement is manageable. “I haven’t had to dip into retirement or savings to take care of my adult kids,” he said, but added that he might wind up doing so to “just fix the car and buy it.”
“A lot of the gains have eroded in the past year,” Rossman said. “In certain income brackets, like lower-income folks, I think that cushion is definitely gone.”
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