Sixty-three percent of American families with adult children provide financial support to their children, often to the detriment of their own retirement savings, says Limra, a research organization.

The Limra Secure Retirement Institute Study released Thursday found that of those parents helping their adult children, 45 percent say it is hurting their retirement savings. 

“While Millennials are the most educated generation in history, nearly four in 10 are unemployed and many more are under-employed,” says Deb Dupont, associate managing director, Limra Secure Retirement Institute. “Parents of Millennials, even the Millennials over the age of 22, are providing considerable support to their children at a time in their lives when saving for retirement should be a priority.”

Millennials are usually considered to be those born between about 1980 and 2000. The survey by Limra, an international research and educational organization for the finance and insurance industries, included 1,009 American households.

Parents most often pay for cell phones and mobile services, rent or mortgages, college expenses or student loans, car and credit card bills, and entertainment, according to the survey. Only 37 percent of U.S. households with adult children indicated that they do not provide financial support.

Fifty-seven percent of households with adult children have at least one adult child living at home, and the percentage jumps to 75 percent if the households have children aged 18 to 22, the survey says.

“Forty-five percent of parents who have supported their adult children financially in the past year say it has negatively impacted their retirement savings,” says Dupont, but Limra feels the percent is actually higher.

“We believe people are likely to underestimate the collective impact of incremental costs. Prior Limra Secure Retirement Institute research found that more than 50 percent of pre-retirees have less than $100,000 in financial assets. Even $100,000 in total savings will not be enough money to fund the 20 to 30 years these individuals are likely to face in retirement,” Dupont notes.