Study: Gen X Most Likely to View Supporting Parents as Their Responsibility

A new LendingTree study reveals that nearly one in four Americans—23%—are financially supporting their aging parents. While most say they see it as their responsibility, many admit the burden is taking a toll, leading to debt, reduced work hours, and other sacrifices. The expenses most often covered include groceries (69%), personal costs (49%), housing (44%), utilities (43%), and medical bills (42%). Nearly 60% of those providing help say they’ve gone into debt, and more than 45% acknowledge feelings of resentment. Even so, about 85% of Americans who currently support parents—or expect to in the future—believe it’s simply part of their duty, with Gen X leading that perspective.