Credit Karma’s consumer financial advocate, Courtney Alev, is sharing thoughts about what is happening now. According to Alev, parents have to be able to meet their own needs before the needs of their grown children.
Even this is not happening in all cases, though. The data also reveals many parents are dipping into their financial security to make sure their kids are covered.
In some cases, this looks like the parents of adult children going into debt, delaying retirement plans, dipping into funds that were meant to go towards retirement, etc.
More than six out of ten parents in this boat have reported feeling mental and financial stress as a result of supporting their adult children.
Little hope for the future?
Unfortunately for parents and their adult children, there is no sign of the economy looking up anytime soon. If a 2023 recession happens as expected, then even more folks will find themselves financially strapped.
The Federal Reserve is also expected to continue moving up interest rates into the new year as a means of lowering inflation. Gloomy times may continue for parents and their grown kids who are relying upon them.
