More than 50% of parents with a child older than 18 are providing them with at least some financial support, according to a recent report by savings.com.
Key findings from the report:
- Half of parents with adult children provide regular financial assistance to their grown offspring. The average support per adult child is $1,474 monthly, about 6% higher than last year.
- 83% of supporting parents contribute to their adult kids’ monthly groceries; 65% help with cell phones, and nearly half (46%) pay for vacations.
- More than three-quarters (77%) of supportive parents attach conditions to their financial assistance. 23% give money without any conditions.
- Nearly 50 percent of parents have sacrificed their financial security to help their grown kids financially, and most supporting parents feel obligated to help their kids with money.
- Working parents who support grown kids contribute over 2X more money each month to their adult children than they do to retirement funds.
See also A Venezuelan mother's viral claim is fueling fears of missing children after the earthquake
MORE: