Though the data on private student loans is more difficult to assess, what we know about Parent PLUS Loans is staggering — currently, 3.6 million parents owe $88.9 billion. Are they saving for retirement? (Photo: Shutterstock)
Some of your employees may be supporting their grown children instead of saving for retirement.
Yes, you read that right.
According to a report by Merrill Lynch and Age Wave, U.S. parents spend $500 billion a year on their 18- to 34-year-old adult children – twice the amount they contribute to their retirement savings.
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