Many Adults Are Helping Their Parents Financially Despite Strain

An AARP survey found about one-third of adults in their 40s, 50s, and early 60s said they had given a parent money in the past year, reports the New York Times . Roughly 50 percent said they had given at least $1,000, and about 20 percent had given $5,000 or more. The money was most often used to cover monthly or weekly needs like groceries and housing. Over 25 percent of the adults who provided financial aid to their parents said it had placed a "high" level of financial strain on their family. One-third of all midlife adults said they were "just meeting" or "falling short" of expenses, which leaves little room for savings for their own retirement. These findings help explain the challenges that many middle-aged people face in saving for themselves. Last year, the U.S. Federal Reserve estimated that 25 percent of Americans who are not retired have no retirement savings or pension.