Liberal Forum

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.
 

Well, we fall into the group supporting with cell phones. Our son got off our plan about 4 years ago when his company picked up the cost of his phone, but he had to change carriers. Our daughter's phone is on our plan...cost us $35 a month for unlimited everything. If she were move it to her name, it would cost significantly more. No need to waste money.

ConsRule » 14 Mar 2024, 4:00 pm » wrote: ↑

14 Mar 2024, 4:00 pm

Well, we fall into the group supporting with cell phones. Our son got off our plan about 4 years ago when his company picked up the cost of his phone, but he had to change carriers. Our daughter's phone is on our plan...cost us $35 a month for unlimited everything. If she were move it to her name, it would cost significantly more. No need to waste money.

Makes total sense to help them save some money.

Would you make the $1200/mo. Truck payment?

Fuelman » 14 Mar 2024, 3:48 pm » wrote: ↑

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.

Did the survey give the average age? It's not uncommon for 18 - 23yrd olds to stay at home while they go to college. They are considered adult children also. 
 

Vegas » 14 Mar 2024, 6:23 pm » wrote: ↑

14 Mar 2024, 6:23 pm

Did the survey give the average age? It's not uncommon for 18 - 23yrd olds to stay at home while they go to college. They are considered adult children also.

What's happening is kids are moving back home after they leave because they can't swing it on what they are making... or that what they say anyway.

It's a combination of wages not keeping up with inflation, and a generation of spoiled brats that aren't willing to sacrifice in the beginning.

A good portion of these "kids" that are living in mom and dad's basement are gainfully employed, but are spending their paychecks on clubbing, nice cars, weed, booze, and high end clothing and accessories instead of paying rent and utilities.

This is why "consumer confidence" looks so good right now. 

Half of the under 30 somethings are spending their paychecks on everything but maintaining their own residences.

 
 

RedheadedStranger » 14 Mar 2024, 7:01 pm » wrote: ↑

14 Mar 2024, 7:01 pm

What's happening is kids are moving back home after they leave because they can't swing it on what they are making... or that what they say anyway.

It's a combination of wages not keeping up with inflation, and a generation of spoiled brats that aren't willing to sacrifice in the beginning.

A good portion of these "kids" that are living in mom and dad's basement are gainfully employed, but are spending their paychecks on clubbing, nice cars, weed, booze, and high end clothing and accessories instead of paying rent and utilities.

This is why "consumer confidence" looks so good right now. 

Half of the under 30 somethings are spending their paychecks on everything but maintaining their own residences.

Perfect.

That’s the problem…..wasting money on masturbation activities rather than strapping down with eye on the ball. No discipline. The fault lies with the parents.
 

Vegas » 14 Mar 2024, 6:23 pm » wrote: ↑

14 Mar 2024, 6:23 pm

Did the survey give the average age? It's not uncommon for 18 - 23yrd olds to stay at home while they go to college. They are considered adult children also.

They were probably part of the mix but they are just a slice of adult children.