80% of Americans supported a loved one financially last year, and retirement savings took a hit

A new My Guide to Retirement survey finds family support is now a budget regular for most U.S. adults, with 44% of supporters saying it has hurt retirement savings. Younger adults are feeling the pressure most, including 30% of Gen Z supporters who have withdrawn from retirement accounts.

Why it matters: - Family financial support is no longer a one-off for many households. It is competing with retirement saving, emergency funds and debt repayment. - The survey suggests caregiving and multigenerational support are becoming long-term financial obligations, especially for younger workers.

What happened: - My Guide to Retirement surveyed 1,000 U.S. adults about helping family members and loved ones financially. - 80% said they provided financial support to a loved one in the past year. - 44% of those supporters said the help hurt their ability to save for retirement. - The survey found 74% of supporters often feel stressed about their finances because of family obligations.

The details: - 69% of supporters paid for groceries and household essentials. - 41% helped with housing costs. - 39% covered utilities. - 36% paid for phone, internet or streaming services. - 54% gave at least $1,000 over the past year. - 15% gave more than $10,000. - 7% gave $25,000 or more. - Millennials at 19% and Gen X at 15% were the most likely to give $10,000 or more. - 38% were supporting both a child and a parent or parent-in-law at the same time. - That share rose to 46% among millennials, 39% among Gen Z, 35% among Gen X and 20% among baby boomers. - Among people supporting an aging parent, 48% said the costs were higher than expected. - 61% of that group paid for groceries and essentials. - 39% covered rent or housing. - 33% paid medical bills or prescriptions. - 28% paid health insurance. - 15% covered in-home care. - 9% paid for assisted living. - 47% funded support from regular work income. - 27% used a credit card for family expenses. - 15% drew from emergency savings. - 11% took out a personal loan. - Among respondents earning $100,000 or more, 40% used a credit card for family expenses and 23% tapped emergency savings. - 44% said family support hurt retirement saving. - 45% said it hurt emergency savings. - 40% said it made paying down personal debt harder. - 40% said it hurt overall financial confidence. - Nearly 1 in 4 reduced or stopped retirement contributions. - 13% delayed starting retirement contributions. - 30% of Gen Z supporters withdrew money from a retirement account because of family responsibilities. - That compares with 22% of millennials, 11% of Gen X and 6% of baby boomers. - 24% of millennials said they have delayed or may delay retirement, compared with 17% of Gen Z, 17% of Gen X and 7% of boomers. - Only 15% of respondents said they feel very prepared for retirement. - 39% said they are already behind where they expected to be. - 35% of Gen X said they feel very unprepared, the highest of any generation. - 80% said they have felt guilty setting a financial limit with a loved one at least once in the past year. - 32% frequently feel burned out balancing their own finances with supporting others. - 33% often avoided money conversations with loved ones. - 58% wish they had started planning earlier for the possibility of helping loved ones. - 71% of high earners said that, compared with 62% of middle-income respondents and 53% of lower-income respondents. - 50% said a retirement plan should account for supporting family. - That view rose to 70% among high earners and fell to 44% among lower-income respondents. - The full study is available here.

Between the lines: - The results point to a growing squeeze for middle- and higher-income households that may look stable on paper but are covering multiple generations at once. - The biggest risk is not just the immediate cash drain. Early retirement withdrawals and reduced contributions can compound into much larger long-term losses. - The emotional strain is part of the financial picture. Guilt, burnout and avoidance can make it harder for families to set limits or plan ahead.

What's next: - The survey suggests more households may need to build family support into retirement plans before expenses become urgent. - My Guide to Retirement argues that planning early could help reduce the chance that caregiving costs become a financial emergency. - As costs keep rising, multigenerational support is likely to remain a pressure point for retirement readiness.