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Survey: Workers Have Trouble Emptying Nests

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Many U.S. residents say the need to support adult children is affecting their retirement savings.

Researchers at a unit of Allstate Corp., Northbrook, Ill., have published data supporting that finding in a summary of a recent survey of 1,603 U.S. residents born between 1946 and 1978.

Working members of the sample had annual household incomes of at least $20,000 and the other members had annual incomes of at least $35,000.

Insurers have emphasized the effect of efforts to provide or pay for long term care for aging parents on baby boomers’ finances.

About 43% of the boomer survey participants said providing support for adult children had affected their retirement savings.

Even though only 69% of the “Generation X” survey participants have adult children, 21% of them reported that supporting adult children was affecting their retirement savings.

The burden of supporting grown children was similar for survey participants in different income categories, but it was less of a problem for participants with college degrees, because participants with college degrees were less likely than participants without degrees to have adult children, according to the Allstate survey report.