Nearly 3 in 4 parents with an adult child admit to helping them with their finances, according to a new study from

Of the parents who provided monetary assistance to their grown-up child, 84 percent helped with living expenses while 70 percent say they helped with actual debt.

The most common expenses that parents admit to paying were day-to-day expenses such as cellphone, transportation, student loans and rent.

“It's natural for parents to want to help their kids, but there's danger in doing too much,” said senior industry analyst Matt Schulz. “One of the greatest gifts a parent can give to their children is teaching them how to manage finances and to live within their means. Not only will it help Mom and Dad keep their savings for retirement, but it will also set Junior on a steady course toward financial success."

But this only creates a vicious cycle, preventing parents from contributing to their retirement.

“It's a really difficult cycle that's happening a lot in this country and it's really something we need to break out of,” said Schulz.

Over-parenting may be natural but over-extending your wallet is unhealthy for everyone involved. Cutting the financial umbilical cord will help build your child's financial maturity and your retirement savings down the road.

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