Half of the parents with an adult child provide them with at least some financial support. Twenty-six percent of these parents say they’ve had to provide more support since the start of the COVID-19 pandemic.
Sixty-two percent of adult children living with their parents don’t contribute at all to the household expenses.
On average, parents who financially support their adult children give them $1,000 per month for expenses like food, health insurance, rent, cell phones, tuition, and even travel.
Parents who are still working and supporting their adult children spend 23% more on their children’s expenses ($605 per month) than they do contribute to their own retirement or savings ($490 per month).
If their adult children needed financial help, one in four parents said they’d pull money from their retirement accounts and 22% said they’d delay their retirement in order to provide support.