66 percent of affluent parents say they'd choose to spend on themselves during retirement than leave their kids an inheritance. (Photo: Shutterstock)
They spend freely enough for their kids' education and upbringing, but affluent parents expect to spend more on their own retirement rather than to keep on supporting their kids.
That's according to Personal Capital's second annual Affluent Family Financial Support Survey, which finds that instead, 72 percent of affluent parents expect their kids to be as, or more, wealthy than they are themselves.
In fact, 81 percent didn't, or don't expect to, change their retirement plans to support their child; while 39 percent said they helped or planned to help their kids get their first job, 50 percent said they stopped, or planned to stop, supporting them once they graduated from college.
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Marlene Satter
Marlene Y. Satter has worked in and written about the financial industry for decades.
