The average cost to raise a child to 17 is now $310,605, up more than $26,000 from a previous estimate made in 2017, per Bloomberg.

There has been an increase in parents using their savings to help their adult children (people aged 18 and up). This data came from Bankrate, which shared how parents sacrificed their emergency, debt payoff, and retirement savings to help their children aged 18 and up.

The report noted that the market turmoil had created a "$7 trillion retirement-savings shortage." The parents that were most likely to help their children were from Gen X, people aged 43 to 58.

Ted Rossman, a Bankrate senior analyst, gave a statement regarding the situation. It was shared how parents assist their children as young adults struggle with student loans, among other costs.

Rossman: "Young adults are wrestling with student loans and high household formation costs, but if parents overextend themselves in an effort to help, they might end up jeopardizing their own financial security."

It was agreed upon by the older and younger generation that by the age of 20, people should start paying for the following.

credit card bills
car insurance
cellphone bills

However, it was agreed upon that for health insurance, housing, and student loans, it was okay to ask for help.

Rossman: "While we want to be empathetic and help our kids, sometimes financial assistance goes too far... It might help to attach a specific dollar amount or timeframe."

Read more: https://unusualwhales.com/news/70-of-parents-are-helping-their-adult-children-18-and-up-by-sacrificing-retirement-savings