- ORIGINAL NEWS
47% of parents still financially support adult children, study finds. Here’s how much they spend
- SUMMARY
Nowadays, many parents struggle to support their adult children financially, despite their own retirement being at risk.
Almost half of these parents with children over 18 give them some financial help, averaging $1,384 a month.
This is because young adults today face challenges like inflated living costs and large student loan debts that their parents didn’t have to deal with.
However, 61% of adult children living at home still don’t help with expenses.
Experts suggest parents have a good financial plan for themselves before supporting their kids, setting boundaries and a timeframe that aligns with their own retirement goals.
- NEWS SENTIMENT CHECK
- Overall sentiment:
neutral
Positive
“Nearly half of parents with a child over 18 provide them with at least some financial support, according to a recent report.”
“Compared with their parents at this age, Gen Zers are more likely to have a college degree and work full time — particularly women, who are not only achieving increasing levels of education but also earning more.”
Negative
“Many argue it’s harder today for young adults to make it on their own.”
“For parents, however, supporting grown children can be a substantial drain at a time when their own retirement security is at risk.”