Parents are supporting their children beyond their formidable years according to a current trend. Merrill Lynch conducted a study that found that 79% of parents continue to provide financially for their adult children, not only for the big purchases such as college and weddings but also for the everyday expenses such as rent, groceries, and bills. This amounts to $500 billion annually from parents, twice as much as being contributed to retirement accounts. 63% of parents said in the study they have sacrificed their financial security for the sake of their children.
