On average, the survey found that parents who financially support their adult kids give them $1,000 per month for expenses like food, health insurance, rent and cell phone. FOX13
, also found that 62% of adult children living with their parents don’t contribute at all to household expenses. Those who do contribute were found to offer $338 per month on average.
Mothers were found to be slightly more likely to financially support their adult children than fathers, and younger parents were also more likely than older parents near or in retirement to shell out to support, according to the report. , or those born after 1996, accounted for the majority of adult children receiving financial support, the survey found. Millennials, born between 1981 and 1996, made up 32%.
The survey found that parental income also had an influence on whether they contribute financially to their children. About a third of parents with an annual income below $30,000 provided financial support to their adult children, compared to about 63% for those earning more than $100,000 annually.
"Parents expect to provide for their kids in many ways, including financially, throughout their childhood, but for most of modern American history, it’s been assumed that regular parental financial support stopped with adulthood, or at least once high school or college were over," the report from"But as our research shows, this is often not the case, and it may be to the detriment of parents as they age and get closer to retirement," it added.
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