'Bank of Mom & Dad' seventh-largest lender in U.S., expert says

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NEW YORK – In news that will not surprise parents in the least, a money expert says the 'Bank of Mom and Dad' would be the seventh-largest lender in the U.S. if it was an actual institution.

Yahoo! Money reports Catherine Prentke English of Harness Wealth said loans parents give to their children are ""taking up a big portion of the money that Gen X is making and thinking about using for retirement."

According to the report, one in 5 U.S. homeowners got financial help from their family or friends to buy their home. In addition, three in 5 parents with children in the 18-29 age group have given their kids financial help

The downside is that one of 7 people say they have lowered their standard of living to help out their offspring.

"What we are seeing across generations is really a strong need for people to understand financial planning," English said, "and get rid of a lot of anxiety and complexity around that."