This expense is eroding Americans’ retirement security — and financial planners often fail to help them

Core Insights - A significant number of Americans prioritize financial support for family members over their own retirement needs, indicating a strong family-first financial mentality [1][2][5] Group 1: Financial Support Trends - 17% of consumers provide financial support to children aged 26 and older, 10% support grandchildren, and 7% support parents or in-laws, with an additional 9% supporting other family members [2] - More than half of respondents report that their financial support for family members negatively impacts their retirement savings [2] Group 2: Sacrifices for Family Support - 58% of Americans are willing to adopt a lower standard of living, and 54% are open to returning to work part-time or full-time to stretch their retirement savings [3] - Many Americans are willing to forgo essential needs, such as medical appointments or home repairs, to continue providing financial support to family members [4][6] Group 3: Misalignment with Financial Planners - Financial planners significantly underestimate the willingness of their clients to provide family support, with a disparity of over 2 to 1; only 15% of consumers would consider reducing or stopping financial support, compared to 34% of financial professionals who believe their clients would [5]