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50 percent of parents financially supporting adult children: Survey
- According to a February 2024 Savings.com survey of 1,001 parents, half of U.S. parents with adult children provide regular financial assistance, reaching a three-year high of $1,474 per month, a 6% increase from last year.
- This trend of increased financial support gained momentum during the pandemic and has persisted due to high inflation and cost-of-living pressures, with parents often covering expenses like food, cell phone plans, insurance, and rent.
- While 53% of parents still feel obligated to help, that number has declined from 61% last year, with 40% feeling pressured to provide assistance and over half sacrificing their own financial security.
- As a result, 77% of parents now attach conditions to their support, up from 71% last year, which may include contributing to household expenses, working toward financial independence, or following certain rules.
- Looking ahead, with economic uncertainty looming, 40% of parents are planning to cut financial support within two years, potentially impacting Gen Zers the hardest, although this shift could encourage greater financial independence among younger adults.
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Half of parents are paying their Gen Z and millennial adult children $1,474 a month—but they plan to pull the plug in the next two years because it’s eating into retirement
About 50% of parents are still financially supporting their Gen Z and millennial children, a new report reveals—and it’s setting them back nearly $1,500 monthly on average. But they’ll soon be forced to stand on their own feet as the banks of Mom and Dad are shutting down soon. Millennials may be pushing 40 now—but their parents are still shelling out to help them stay afloat. About 50% of parents financially support at least one of their adul…
·New York, United States
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Coverage Details
Total News Sources10
Leaning Left2Leaning Right0Center8Last UpdatedBias Distribution80% Center
Bias Distribution
- 80% of the sources are Center
80% Center
L 20%
C 80%
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