14 Mar 2024 3:48 pm
These numbers are amazing. That great economy is just one success story after another!
About half of U.S. parents with adult children provide them with some sort of financial support, a new survey from Savings.com revealed.
According to the survey, in 2024, 47% of parents with adult children provide financial support, which is a similar rate to last year. Parents with adult children who have a disability were not included in this survey.
Parents providing financial support give an average of $1,384 to their children monthly, which is about double the amount parents contribute to their own retirement on average.
Of adult children living at home, 61% do not contribute anything for household expenses, such as rent or utilities. Of the parents supporting their adult children, 77% help with grocery and food expenses, 64% assist with cellphone payments, 58% help with rent and 56% assist with health care.
The report indicates that the nearly $17,000 a year parents provide for their children could make things more difficult when it comes time for parents to retire. "This is money that parents could be spending on their own expenses, vacations, and contributing to retirement," the report says. "In fact, it appears that helping their kids is visibly harming their retirement savings.
About half of U.S. parents with adult children provide them with some sort of financial support, a new survey from Savings.com revealed.
According to the survey, in 2024, 47% of parents with adult children provide financial support, which is a similar rate to last year. Parents with adult children who have a disability were not included in this survey.
Parents providing financial support give an average of $1,384 to their children monthly, which is about double the amount parents contribute to their own retirement on average.
Of adult children living at home, 61% do not contribute anything for household expenses, such as rent or utilities. Of the parents supporting their adult children, 77% help with grocery and food expenses, 64% assist with cellphone payments, 58% help with rent and 56% assist with health care.
The report indicates that the nearly $17,000 a year parents provide for their children could make things more difficult when it comes time for parents to retire. "This is money that parents could be spending on their own expenses, vacations, and contributing to retirement," the report says. "In fact, it appears that helping their kids is visibly harming their retirement savings.