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Study: Parents spend $500 billion a year on adult children

ajc.com

Raising a child to adulthood is an expensive task, but the drain on a parent’s wallet doesn’t stop when the child turns 18.

Parents spend twice as much on their adult children than they contribute to their retirement accounts, according to a new study by Merrill Lynch.

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The study found parents in the United States spend $500 billion a year on adult children and contribute $250 billion into retirement accounts.

It is a sacrifice most moms and dads are willing to make. The survey found 82 percent of parents say they would make a financial sacrifice for an adult child.

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News Center 7 consumer reporter Rachel Murray is finding out what this means for parents and children and how both can shore up their finances today on WHIO-TV at 5 p.m.