Homeowners with adult children have been more than generous in assisting their offspring with money, according to a new survey released by Unison.
In a poll of 2,000 working adults who have been homeowners for at least 10 years and make at least $50,000, 92 percent of respondents admitted that they have supported their adult children financially and 53 percent are currently providing some form of financial support. The majority of the support is covering tuition costs, with 70 percent of respondents acknowledging their input on school-related expenses.
The survey also found almost 60 percent of homeowners have shared or are sharing their home with their adult children, with 36 percent having an adult child currently living with them and 53 percent having an adult child that lived with them for five years or longer. Twenty-two percent of respondents said they provided financial assistance for their adult children’s pursuit of homebuying, with 18 percent of parents with a Millennial child providing such aid.
“Of course, parents want to help their children, but it's worrisome that so many are putting their own retirement security at risk by doing so, especially considering that most American baby boomers are already severely undersaved for their own retirement,” Unison CEO Thomas Sponholtz said. “These results are yet another example that we need to present consumers with new solutions that enable to buy and own homes while meeting their other financial goals, including a secure retirement.”