Hey, Mom? Could you spot us a 20 for the movies? Thanks! 🥰 Oh…one more thing. We’re gonna need like $5,000 for rent, student loans, and Funko Pops. 🥳
OK, we’re joking about Funkos (maybe). On a serious note, more parents than ever before are financially supporting their adult children. 💸 Let’s dive into the nitty gritty details!
Here’s Five Fast Facts on parents supporting their adult kids:
- 👨👩👧👦 The Kids Table - When it comes to parents supporting their children older than 18, we’ve hit a new high. According to a new survey, 50% of these parents report providing their adult kids with at least some financial support. In 2024, that number was 47% and it was 45% in 2023.
- 💰 Pop Goes the Payments - On average, parents who support their adult children fork over $1,474 each month. That number is a three-year high. The money goes towards everything from rent and insurance to food and cellphone plans.
- 🌍 A Whole New World - Gen Z and millennials have to deal with financial challenges their folks didn’t face when they were younger. After adjusting for inflation, their wages are lower. They’re also saddled with hefty student loan balances and have to navigate sky-high housing costs and everyday expenses.
- 🏡 Move In and Shakin’ - According to the U.S. Census Bureau, an estimated one in three adults between the ages of 18 and 34 live at home with their parents. Shacking up takes away the burden of expensive housing costs. Plus, free snacks from the pantry.
- 🤘 My Sacrifice - More parents than ever might be supporting their adult kids, but at a cost. Over 60% of surveyed parents said they sacrificed their own financial security to help their children. Additionally, 18% of parents say they don’t see an end in sight when it comes to providing financial support.
🔥Bottom line: These days, just stepping outside costs you like $70 (it’s true, we saw it in a meme). The trend of families sticking together financially will likely continue until the economy improves. Ever wonder how your attitude towards money impacts your life? Head to this article to find out if you have a case of money dysmorphia.
Do you give financial support to your adult kids?
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