5 tips on financially helping your parents in your 20s and 30s  (Illustration by Kat Brooks/The Washington Post; iStock) | While in college, I regularly gave money to my grandmother Big Mama to help with some expenses. I would pay for her groceries if we shopped together or cover a utility bill every so often. In my late 20s, I started paying her property taxes each year. Big Mama would never have asked for financial assistance, but I knew it would provide her with some relief. She was a great money manager, but she lived on a small pension, and Social Security meant there wasn't much extra in her budget. I hate the jokes about young adults "failing to launch" because they live with their parents. They are often unfairly characterized as financially undeveloped if they aren't living under their own rented roofs. Never mind that the cost of living is so high in some areas that such independence is strangling their short- and long-term goals. [Let adult children fend for themselves? That's outdated in today's economy.] But would it surprise you to know that a substantial percentage of people in their 20s live at home not just to save money for themselves but to help out their parents? In its latest survey on the financial well-being of American households, the Federal Reserve reported that 33 percent of adults 22 to 24 said they lived at home to provide financial assistance to their parents. It jumps to 42 percent among 25-to 29-year-olds who reside with their parents. This has been a growing trend for the younger group: In 2017, 17 percent of adults 22 to 24 said they were living at home to provide financial assistance. The 10th annual Fed survey of household economics and decision-making, conducted in the fourth quarter of last year, allowed participants to select multiple answers about their housing situation. So, I should note most adults (90 percent) in their early 20s (22 to 24 years old) lived with their parents to save money. The percentage drops to 87 percent for those 25 to 29. The Fed noted 60 percent of adults 30 to 59 living with their parents said they did so to provide financial support. For young adults just starting out, having to tap their limited resources to care for aging parents can be a heavy burden. Maybe you are the parent who is getting help, or you know a young adult in this situation. If so, click the link below for five tips on what should and shouldn't happen in providing financial assistance. Money Milestone project updated!
If you missed it yesterday, I updated my money milestones birthday project for all ages. It now features videos just for teens. For the young person in your life who just landed a summer job, or has been working for a while, I answer a lot of questions they may have about their money. While they are young — when they can develop good habits — is the optimal time to learn how to become a good steward of their finances. And the key to this money game, as many of you know, is saving early and often. One other thing. The Money Milestone project has been turned into a book. So order a copy for yourself or the teen or young adult in your life. Use this link to order the guide. For recommendations of other personal finance books, read: 9 money-smart books that make the perfect graduation gifts. Talkback The Fed left interest rates unchanged in its last meeting, but this doesn't mean the fight against inflation is over. Even with higher savings rates, an economy propped up by consumer spending is worrisome. This week's feedback is made up of comments on the following column: 4 takeaways for your wallet following the Fed rate pause
Bill01 wrote: "I'd love to downsize to a smaller place but now with a high-interest rate, I'd be paying almost the same amount of money I'm paying now for a cheaper house. I could go into an apartment, but in 4 years I'd be paying the same as my mortgage. I don't see any way to save money nowadays."
Thegameisafoot wrote: "Why isn't anyone commenting on the massive decline in consumer spending that may take place as a result of the end of the student loan forbearance in September? Most people (you know those who do not even have $400 put away for emergencies — which is most people) will find that the end of the forbearance will suck up all of whatever disposable income they had left after rising rents. This means a huge hit to retailers and restaurants during the holiday shopping season when they need to go into the black? This is huge."
"Too many people are conflating slowing interest rates with prices," another reader posted. "Prices have not come down much, if at all, and that's killing all but the very rich. Holding interest rates steady doesn't help when already inflated prices for food and other necessities stay inflated."
Read: U.S. consumers take frugal turn as inflation persists
FL-Panhandle-woods wrote: "Great to get a better return on my savings but it doesn't make up for those years of near 0%."
nereid wrote: "I'm just happy my retirement portfolio spiked. Still not back to where it was at the beginning of 2022, but getting closer." Your feedback If you have a personal finance question, call 1-855-ASK-POST (1-855-275-7678). Send your comments and questions to colorofmoney@washpost.com, but due to the volume of mail, personal responses may not be possible. Please also note comments or questions may be used in a future column, with the writer's name, unless a specific request to do otherwise is indicated. | 
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