By Jason Notte | The Street |
Adult children are costing their parents a tremendous amount of money to support — and jeopardizing their retirement.
According to a survey conducted by Harris Poll on behalf of finance site NerdWallet, 80% of parents are losing as much as $227,000 by covering a portion of their adult child’s expenses after they turned 18.
Cell phone bills, groceries, rent, health insurance, car insurance and student loans can add up, NerdWallet found. “As parents, we tend to want to do everything we can to help our children succeed. But sometimes we focus on the present at the expense of the future,” says Andrea Coombes, the site’s investing expert.
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