Many U.S. consumers say they are having trouble saving for retirement because they are supporting adult children.
Researchers at Allstate Corp., Northbrook, Ill., have reported that finding in a summary of a recent survey of 1,603 U.S. residents born between 1946 and 1978. Working participants had household incomes over $35,000, and retirees had household incomes over $20,000.
Only 21% of the participants said they believe they are “very prepared” financially for retirement, the Allstate researchers report.
The researchers note that 21% of the members of “Generation X” in the sample – the participants born from 1965 to 1978 – say efforts to support adult children have hurt their efforts to save for retirement, and 34% of the baby boomers in the sample say supporting adult children is biting into their retirement savings.