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How boomers might lose $11,000 a year to their millennial kids

GOBankingRates Logo By Cameron Huddleston of GOBankingRates | Slide 1 of 17: As a parent, it’s your job to support your children on the path to adulthood. But plenty of parents continue to support their kids financially once they’re adults with kids of their own — which could turn into a toxic habit for you and your children. A 2,000-person survey conducted by TD Ameritrade in 2017 found that on average, millennials aged 19 to 37 said they received $11,011 in financial support and unpaid labor from their boomer parents, ages 50 to 70. Without that help, many millennials couldn’t support their current lifestyles, the survey found. Still, millennials continue to be optimistic about their financial futures. In fact, according to a new TD Ameritrade study released this year, 53 percent of millennials expect to become millionaires at some point in their lives. A GOBankingRates survey found a lower percentage — 32 percent of millennials — think they will become millionaires. Whatever the case, it’s parents and grandparents making sacrifices to aid their children and grandchildren. Click through to find out the astonishing reasons many aren’t ready to retire.

How boomers might lose $11,000 a year to their millennial kids

As a parent, it’s your job to support your children on the path to adulthood. But plenty of parents continue to support their kids financially once they’re adults with kids of their own — which could turn into a toxic habit for you and your children.

A 2,000-person survey conducted by TD Ameritrade in 2017 found that on average, millennials aged 19 to 37 said they received $11,011 in financial support and unpaid labor from their boomer parents, ages 50 to 70. Without that help, many millennials couldn’t support their current lifestyles, the survey found.

Still, millennials continue to be optimistic about their financial futures. In fact, according to a new TD Ameritrade study released this year, 53 percent of millennials expect to become millionaires at some point in their lives. A GOBankingRates survey found a lower percentage — 32 percent of millennials — think they will become millionaires.

Whatever the case, it’s parents and grandparents making sacrifices to aid their children and grandchildren. Click through to find out the astonishing reasons many aren’t ready to retire.

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