45 percent of parents are helping their adult children financially

By Around the Web

(Image courtesy Unsplash)
(Image courtesy Unsplash)

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

Fifty-one percent of parents financially support at least one of their adult children. That total includes parents whose children may have a disability, and the number goes down to 45% when counting parents without disabled children. The largest age groups receiving financial support from their parents are people between the ages of 20 and 24, at 52%. They’re followed by those between 25 and 29 at 17%, according to the study by Savings.

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Among parents who provide financial support to their grown-up children, the average monthly total is over $1,400. School expenses like tuition and rent or mortgage were the biggest areas in which parents help their children.

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