92% of grandparents give financial help to grandkids — and it's draining their retirement savings

The Bank of Mom and Dad is expanding operations: It's now also the Bank of Gram and Gramps — and it's costing baby boomers dearly. In some cases, it might be eating away at their nest eggs.

Faced with the rising cost of everything from groceries to childcare to college savings, parents with children under 18 are at a breaking point — and 76% believe they'll need financial support from extended family to make ends meet, according to the latest BMO Real Financial Progress Index .

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In the coming year, nearly two in five (37%) parents with young children expect to receive financial support — or plan to ask for it — from their parents or grandparents.

This goes beyond asking grandparents to babysit or chip in for a college education. Nearly half (47%) of parents with young children say they'll receive cash for day-to-day expenses as inflation stretches budgets thin.

That shouldn't come as a surprise, considering the cost of raising a child these days: a LendingTree analysis found that it costs $303,418 to raise a child over the course of 18 years. That works out to $16,857 every year.

And that doesn't include costs after the age of 18, namely the cost of a college education. But with more adult children asking for financial support, baby boomers may find themselves blasting through their savings — and putting their golden years at risk.

Here are three things to do before handing over a cent.

Take care of your financial situation first

If the cabin air pressure drops in an airplane, you put on your own oxygen mask first before helping others — including small children — because you can't be helpful if you're incapacitated.

The same goes for financially supporting adult children and grandchildren.

The vast majority (92%) of American grandparents are providing financial help to their grandchildren , according to research by SeniorList.com, with 16% supporting both their own elderly parents and their grandchildren.

The research reveals "a concerning pattern of financial self-sacrifice" from grandparents, with nearly one in five feeling "pressured to give even when it creates financial strain."