50 percent of parents financially supporting adult children: Survey
Even when children are out of the nest, some parents are still contributing to their children's livelihoods, according to a new survey.
The poll from Savings.com shows 50 percent of parents are still helping to offset financial pressures for their adult children.
The average amount given to adult children among those surveyed was $1,474 a month, a 6 percent increase from a similar survey conducted in 2023.
Of those contributing, 83 percent help with grocery payments, 65 percent assist with cell phone bills, and 46 percent with vacations, per the data.
'While the average contribution to Millennials decreased slightly, a significant increase in support for Generation Zers pushed the overall average higher,' the survey says.
Among parents still in the workforce, they contribute 2.3 times more to their children's lifestyle — on average $1,589 — than to their monthly retirement savings contribution ($673).
'We've seen in recent years: the ongoing need to financially support struggling adult children is placing significant strain on many parents' financial security,' Beth Klongpayabal, the study's lead author, said in the release.
'This concerning pattern may face additional pressure if economic conditions worsen in the coming months,' she added.
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