The Heavy Burden Of Financially Supporting Parents And Children

The fallout from the recession following the mortgage crisis in 2008 and 2009 created plenty of unexpected financial hardship throughout the U.S. However, according to a recent TD Ameritrade survey, seven years after the crisis, one fifth of Americans still provide financial support for at least one parent and/or adult child.

Here are some other surprising statistics from the survey.


Americans that are providing financial support are devoting an average of $12,000 per year in support of a parent and/or adult child. Millennials are reportedly bearing the heaviest burden, supporting an average of 1,5 adults at an annual cost of more than $18,000.


Americans are about twice as likely to be supporting a mother than a father, and mothers receive about $5,000 more in annual support than fathers do.


Only 30 percent of those surveyed report that they have not suffered financially in some form as a result of the support they provide.


Financially supporting an adult adds to the massive debt burden that the average supporter carries, which is nearly $100,000 ($22,000 if mortgage debt is excluded).


Nearly half (48 percent) of respondents indicate that they would struggle to continue to provide support for a loved one if they were unexpectedly forced to retire, and 19 percent believe that they will likely find themselves in such a situation.


While 59 percent of supporters indicate that they are glad to help, 57 percent also admit to feeling obligated, frustrated and/or disappointed with the situation.


Although 61 percent of supporters believe that the person(s) they support are grateful for the assistance, nearly half (48 percent) believe that the people they support feel embarrassed, awkward, guilty and/or indebted.


Over a third (36 percent) of supporters indicate that they would be willing to delay retirement rather than abandon family members in need.


Each generation of supporters believes that no other generation has more financial responsibility than theirs does.