Half of US parents financially support their adult children, survey finds

Sharing is Caring!

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).

See also  ‘Financially Crippled:’ Celebrity NFTs Leave Fans and Investors Broke NFTs (non-fungible tokens) VEGAS ODDS

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.


Help Support Independent Media, Please Donate or Subscribe:
See also  NEW Controlled Food System Is Now In Place & They Will Stop At Nothing To Accelerate Their Control

Views: 50

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.