The COVID-19 pandemic has wreaked havoc on many people's savings. Between food, rent, phone/internet services and other expenses, the bills add up — and more adults have seemingly turned to their parents for help.

A recent survey by Savings.com found that half of U.S. parents with a child 18 or older still help them out financially, with 26 percent saying the support has increased since the beginning of the pandemic.

These parents are forking over roughly $1,000 per month for various expenses.

Young adults living with their parents have also spiked to a historic high, with the survey finding that 62 percent of adult children living at home don't contribute at all to household expenses.

Those who do contribute typically offer around $338 per month towards living expenses.

Among parents, 51 percent revealed they feel beholden to provide their children with a financial boost, while those with a slightly higher income feel like it's their duty.

Sharon McCutcheon via Unsplash
Sharon McCutcheon via Unsplash
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One in four parents say they would pull money from their retirement accounts to help out, while 22 percent would delay their retirement in order to provide support, according to the survey.

"Parents expect to provide for their kids in many ways, including financially, throughout their childhood, but for most of modern American history, it’s been assumed that regular parental financial support stopped with adulthood, or at least once high school or college were over," the report reads. "But as our research shows, this is often not the case, and it may be to the detriment of parents as they age and get closer to retirement."

The survey also found that moms are slightly more likely to financially support their adult children than dads, and younger parents are more likely to shell out some dough than older parents.

For some parents, supporting grown children can be a drain, potentially putting their own financial security at risk.

"Even with the additional responsibility of taking care of adult children, parents must also take care of themselves,” Shelly-Ann Eweka, senior director of financial planning strategy at TIAA, said. "It's like when you’re on an airplane, and the flight crews say if you need to wear masks because of an emergency, you need to put yours on first before helping others."

As a general rule, Eweka stated adults should "set aside money for your retirement and emergency fund first," as "it's important to prioritize where your money should go."

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