mobile-bannertablet-bannerdesktop-banner

Retired Parents Give Their Adult Children $6,800 Each Year

Jun 02, 2017

Parents who are in retirement give their adult children $6,800 a year on average so they can live more comfortably, a new study has found.

The Merrill Lynch retirement study found that 48% of Americans ages 50 and over say that they are "willing to overextend themselves financially to give their children a more comfortable life."

The study found that about half of retirees who gave money to family members felt they had an obligation to do so, and 80% of them also said they felt that it was the right thing to do.

On average, adult children received the most help from retired family members, while siblings were given an average of $4,200, parents $3,600 and grandchildren $1,800 over a period of 12 months.

All products and services featured are based solely on editorial selection. MONEY may receive compensation for some links to products and services on this website.

Quotes delayed at least 15 minutes. Market data provided by Interactive Data. ETF and Mutual Fund data provided by Morningstar, Inc. Dow Jones Terms & Conditions: http://www.djindexes.com/mdsidx/html/tandc/indexestandcs.html. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Terms & Conditions. Powered and implemented by Interactive Data Managed Solutions