The Bank of Mom & Dad

A new report indicates that more than half of American parents are still supporting their adult children. In fact, the average amount given is nearly $1,500 a month. Whether it’s still paying their phone bills, helping to buy groceries, or paying for an emergency repair, the Bank of Mom and Dad is always there.

Today, Beth Klongpayabal joins us on the On Your Side podcast. She’s the senior analyst at Savings.com. She explains exactly what parents are paying for, why and how it might be affecting their retirement.