Forty-five percent of parents are helping their adult children financially

Being an adult is expensive — so expensive that some parents are helping their adult children financially even after they are living on their own.

At least one of their female children is financially supported by 51 percent of kids. When parents without disabled children are included, the whole drops to 45 %, including families whose children may be disabled. People between the ages of 20 and 24 make up the majority of those who receive financial support from their parents, at 52 %. According to the study by Savings, those between the ages of 25 and 29 are followed by those at 17 %.

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The average monthly amount of parents who give their grown sons financial support is over$ 1,400. The biggest areas where parents helped their kids were with college costs like tuition, fee, and mortgage.

According to the study, parents typically give their kids$ 245 in student loan payments each month. 18 % of parents of young children are helping with school loans, while 23 percent of Parents of Generation Z children help their children spend their student debts.

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In addition, 58 % of the parents who participated in the study said they would lead a more frugal lifestyle, 44 % responded by withdrawing money from their savings or retirement account, 33 % responded, 25 % by taking on debt, 16 % by coming out of retirement, and 10 % by refinancing their home. 19 % of respondents said they wouldn’t take any of the aforementioned action.

In the United States, the research spoke with 1,000 families of grownup children. In February 2023, the survey was conducted electronically.