BURLINGTON, Vt. (WCAX) Financial independence for many young people is scary or depressing topic to think about.
A recent national survey by Junior Achievement USA and Citibank says more than 30 percent of teens don't think they'll be able to financially break free of their parents by the age of 30. And parents wanting to help their kids thrive, can inadvertently threaten their own financial security.
In another study, Bankrate surveyed more than 2,500 parents about the amount that they give to their adult kids and some numbers are surprising. It found 34 percent say that they have "somewhat" sacrificed their retirement savings to help pay for things like car insurance, cell phone bills, credit card debt, health care and more. And 17-percent said that they sacrificed, "a lot."
Céline McArthur spoke with Christine Moriarty, a certified financial planner, about the balance of parents supporting their children while planning for retirement.