The student debt crisis isn’t just affecting young adults; it’s affecting their parents. Parents are chipping in to pay for their children’s educations, along with other expenses like phone bills and even rent, with 79% of parents telling Bank of America that they provide their young adult children with some form of financial assistance. But their children’s bright futures are costing them a cushy retirement: according to the Employee Benefit Research Institute, 70% of 65-74-year-olds have debt, a figure that has doubled since 1992. (Barron’s)
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