A new survey from Savings.com found that 47% of parents with grown children give them some kind of financial support, a trend that may be here to stay.
FILE - In this June 15, 2018, file photo, cash is fanned out from a wallet in North Andover, Mass. from Savings.com found that 47% of parents with grown children give them some kind of financial support, a trend that may be here to stay.
The most common age group to receive help is Gen Z , but 21% of parents who provide financial assistance help their millennial or Gen X children.from Pew Research Center found about six in ten parents say they have helped their children financially in the past year. The most common costs parents are helping with are groceries , rent and cellphone bills , but it depends on the situation. Some parents pay for cars, credit card bills, vacations or even investments.
Indeed, every family is different, but on average parents shelled out $1,384 a month, which is close to $17,000 a year. Non-retired parents contributed even more to their adult children: an average of $1,476 a month. Meanwhile, the average retirement contribution among non-retired parents is $609 a month, which is less than half of what they spend helping their children., 58% of parents who help their children say they sacrificed their financial security to do so, up from 37% the year before.found that, for the most part, parents say that helping does not have a negative impact on their personal finances .
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