You might want to think twice before giving money to your adult child.
A new study from CreditCards.com found that 74 percent of parents with adult children, defined as 18 and up, are continuing to help them financially.
Of those parents, 84 percent are helping with living expenses, while 70 percent are assisting with debt.
Cell phone bills, followed by transportation, rent and utilities, tops the list of living expenses, and with debt, parents are most commonly helping with student loans, followed by auto bills, medical debt and credit card bills.
"The worst case scenario is because the parents have helped their kids, and sacrificed their retirement, in 20, 25 years, the script might get flipped and the kids might have to help out their parents because they can't afford to retire," said Matt Schulz, senior industry analyst at CreditCards.com. "There is a real risk there."
If you find yourself wanting to limit the financial ties between you and your adult children, financial advisors recommend you take these steps.