50% of parents financially support adult children, report finds. Here's how much it costs them.
50% of parents financially support adult children, report finds. Here's how much it costs them.
From buying food to paying for a cellphone plan or covering health and auto insurance or even rent, these parents are shelling out about $1,474 a month, on average.
I find these starts quite hard to believe. There's got to be more to this that the article is leaving out. Those numbers are just way too high.
You can click through to the original for more info. The biggest category is "Tuition or other school expenses", so it makes sense.
I feel like they need to break this down by age a lot more than they do.
In today's day and age, it's perfectly normal for a parent to offer significant financial support to their 20 year old child. While adulthood technically begins at 18, society is structured in a way that encourages some form of education/training through the rest of our teens and early twenties. A lot of this time adults in that situation will be setting themselves up for success, but not in a position where they currently have meaningful income. Parents helping out enables them to lay the groundwork for being independent later on in life.
On the flipside a 30 year old receiving relying on their parents is a wtf moment 9/10.
Another consideration is independent adults moving in with their parents for the purpose of acting as a caregiver. While that's a problem for society, it's a completely different problem than adults needing parental contributions to survive.