Study: Many think they will have to support parents financially

HOLYOKE, Mass. (WWLP) - A new survey shows that adult children believe they will have to offer their parents financial help at some point.

In the survey by Fidelity Investments, 24% of adult children said they expected to give their parents financial help. Despite the high number, far fewer parents seem to think that their children will need to help them financially. The survey found 97% of parents said they didn't expect they would need help.

Cliff Cowdell of Holyoke told 22News that he didn’t think he would need to help provide for his parents.

“I don't think financially I will have to, but I live with my parents now and I help them on a physical level,” he said.

The survey also showed that children often underestimate their parents' wealth by more than $100,000.