Survey: Half of U.S. Parents Still Financially Support Adult Children
Adulthood can cost a lot. As reported by Fox 11, many U.S. adults still depend on their parents. According to a recent survey from Savings.com, half of U.S. parents are still financially supporting their adult children.
The top categories where assistance has been needed are groceries, rent and mortgage, cell phones, car payments, tuition, health insurance, and vacations.
The survey consisted of 977 parents who have children ages 18 and up. About 26% of parents said need for their financial assistance went up during the start of the pandemic.
As a young adult who came out of college into the pandemic in 2020, I can say completely that I understand why so many young adults need so much extra help. It was so tough to try to even get a job much less have enough money to survive before even landing a full-time position. For me, I think it’s important to not be too dependent on your parents once you’re around 23 or 24. But also, it’s just not feasible for some people to live on their own that early, especially during times like this.
If you are a parent, do you still help out your adult children? Should parents still financially support their grown children?
Source: Fox 11