Survey: 68% have made a financial sacrifice to help their adult children with money

As parents, we all want the best for our children, and sometimes that means helping them out financially when they need it. But just how common is it for parents to make financial sacrifices for their adult children?

According to a recent survey, 68% of parents have made a financial sacrifice to help their adult children with money. This could mean anything from lending them money to pay off debt, helping with a down payment on a house, or even supporting them financially through a difficult time.

While it's heartwarming to see parents step up and support their children, it's important to remember that financial sacrifices can have a significant impact on a parent's own financial well-being. Parents may be putting their own retirement savings at risk or taking on debt to help their children.

So, what can parents do to help their children without putting their own finances in jeopardy? Here are some tips:

Set clear boundaries: Before agreeing to help your child financially, it's important to have an honest conversation about what you can and cannot afford to do. Set clear boundaries around the amount of money you're willing to give or lend, and be clear about any expectations you have for repayment.
Encourage financial independence: While it's understandable to want to help your children, it's also important to encourage them to become financially independent. This may mean helping them develop a budget or providing guidance on how to manage their finances.
Consider other forms of support: Financial support is just one way to help your children. You can also provide emotional support, help with networking and job searching, or offer to provide child care to help them save on expenses.
Take care of yourself: It's important to prioritize your own financial well-being, especially as you approach retirement. Make sure you're contributing to your retirement accounts and that you have a plan in place to achieve your own financial goals.

While it's understandable that parents want to help their children, it's important to do so in a way that doesn't put their own finances at risk. By setting clear boundaries, encouraging financial independence, and prioritizing their own financial well-being, parents can provide support to their adult children without sacrificing their own financial future.