AARP study finds family support systems create financial burden for grandparents and parents

Increasingly, a new study has indicated that older parents are helping support both their children and their grandchildren - and that is much-needed help. 

Appropriately, the study comes from AARP, and it points to the potential of putting stress on families. 

For growing families, there is no understating the importance of the family support system. 

"Older millennials, quite often, they have both spouses in the workplace," said Trae Bodge. "They're also having children, so they need more help around the home. So, they're leaning on the older generation to help out." 

Bodge said the AARP study puts a dollar sign on the help. 

"Grandparents are contributing, on average, $2,600 per year to their younger kids, and 500 hours of unpaid help," she explained. 

However, Bodge said there needs to be limits, explaining that if you have older relatives who are retired, remember their income is finite. 

"Don't lean too heavily because they have to rely on those funds, as well," she said. "You feel guilty as a parent when you can't provide the assistance they need." 

She reminds young parents that if the grandparents are retired, they only have so much income, and there is no wiggle room. Instead, shelve the guilt, and before making the ask, young families should look to reduce expenses. 

"Whether it's your monthly bills, like your cellular, your wifi, cable, you should be looking periodically to see if you can switch carriers and keep those costs down," Bodge explained. 

Even with those efforts to save, there could still be a need for help, so planning becomes very important. 

"I really suggest that families sit down together and really talk about the nuts and bolts of what that help looks like," she said. 

Parents may want to be the safety net, but above all, Bodge said both sides of the equation, parents and their adult children, need to be honest with each other about what resources are available. 

All of that said, while there is a financial strain, there is a big benefit when it comes to time spent with grandchildren. The AARP study said that 83% reported high levels of joy and fulfillment from time spent caring for the grandchildren.