As Americans work toward a secure retirement, many are shouldering the financial responsibility of helping loved ones.
Research from IRALOGIX, a leading fintech provider in the retirement industry, found that retirement and family financial support are no longer viewed as competing priorities. Instead, many Americans are committed to achieving both, even when doing so requires personal financial sacrifice.
According to the research:
- 75 percent of Americans said they would financially support a loved one even if it delayed their own retirement by as much as five years.
- 81 percent said they would feel personally responsible for helping a close family member experiencing significant financial hardship.
- 88 percent believe people feel at least some pressure to provide financial assistance to family members, even when doing so strains their own finances.
The findings underscore a growing reality for many households: retirement planning increasingly exists alongside family caregiving and financial support, rather than apart from it.
What they’re saying: “People don’t experience their financial lives in separate categories,” said Peter J. de Silva, CEO of IRALOGIX. “Retirement planning doesn’t happen in one bucket while family responsibilities happen in another. For many Americans, those priorities unfold simultaneously. Understanding that reality may help us better understand retirement itself.”