It's the game of would you rather. Here goes.
Would you rather--
#1 your parents cover your car payment and insurance now and then you have them sleeping on your couch during their retirement.
OR
#2 you scrap and save to make your own car payment and insurance now and your parents live in their own house during retirement?
A BankRate.com study shows half of american parents have cut back on their retirement savings to help pay their adult children's bills. And while that works for the kids, it certainly doesn't help the parents.
"Folks in retirement can't take a retirement loan, so they need to be judicious about how they're helping their children, " explains Certified Financial Planner Matt Logan.
Here's a look at why this generation may need more help:
The 2008 financial crisis
Rising cost of higher education
Student debt keeping millennials from achieving financial milestones
So what should parents do to help but not make the situation worse? Logan says, " define the help. If your child is venturing out in their first career and they need help with the rent, then give them 6 months of help.Make it finite, not open ended."