American are giving up their retirement savings to help their adult children

American are giving up their retirement savings to help their adult childrenAmerican are giving up their retirement savings to help their adult childrenA new Bankrate survey will make you feel a little better about leaching off of your parents HBO GO subscription. The majority of parents reported giving their adult-children a hand with a wide range of expenses, everything from phone bills, credit card bills, student loans, and even travel costs.Even though Gen Zers and Millenials dont truly feel like adults until theyve left the nest, these generations tend to take their time doing so. The median range of assisted young adult in the study was 18 to 23. The higher the bill the more likely parents were to offer assistance, even if it met dipping into their retirement fund.Follow Ladders on FlipboardFollow Ladders magazines on Flipboard covering Happiness, Productivity, Job Satisfaction, Neuroscience, and moreWhat constitutes adulthood?It should be clarified, just because a lot of Ameri can parents are willing to help carry some financial burdens for their children, it doesnt mean theyre OK with their offsprings arrested development. Most of the parents involved in the survey said that by 19-years-old, you should be paying for car payments, insurance, cell phone bills, subscription services, travel costs, and credit card bills, all on your own. To be fair, Gen Zers and Millenials, were willing to meet them in the middle, as the majority of the respondents in these generations thought that 20 years of age was closer to the mark.Expectations seemed to vary depending on financial status. Respondents that earned an annual income under $30,000, for instance, felt that 24, was about the time their children should start paying their student loans on their own. Respondents with household incomes from 50,000 to over 80,000,felt 23 to be more appropriate.A lot of variables factored into what age individuals ought to be financially independent, but the consequences seemed to span across all the reported circumstances. Fifty percent of all the parents involved in the survey said that they are currently or already have sacrificed their retirement fund in bestellung to keep their children afloat. One in five Americans arent saving for retirement, emergencies or other financial goals whatsoever, due to not making enough money and large debt payments.Bankrates senior economic analyst,Mark Hamrick believes a lack of substantialwage growth and the emphasis placed on chasing higher degrees is why the assistance phenomenon has become so normalized.This causes many young Americans to enter the workforce later than they would otherwise, and when they finally do theyre saddled with an enormous amount of debt. Hamrick adds,This is the ironic, unintended expense of people staying in school longer. The way young people come of age has changed somewhat over the past 50 years or even longer - theres no longer a sense of immediate need for young people to enter the work force, even on a part-time basis.You might also enjoyNew neuroscience reveals 4 rituals that will make you happyStrangers know your social class in the first seven words you say, study finds10 lessons from Benjamin Franklins daily schedule that will double your productivityThe worst mistakes you can make in an interview, according to 12 CEOs10 habits of mentally strong people