The skyrocketing cost of living has caused adult children to rely on financial support from parents, according to a study from the personal finance website Credit Karma.
The skyrocketing cost of living has caused adult children to rely on financial support from their parents, according to a study from the personal finance website Credit Karma.
Of the 31 percent who provide support to their adult children, over half said they allowed their children, sometimes multiple, to live at home. Another 48 percent also paid some or all of the adult children’s monthly bills, such as cell phone, utilities, and car payments. Additionally, 24 percent of the parents who support their adult children will regularly give them allowance or checks.
Due to the parents offering support for their children, many of them feel the impact of supporting their children on their own finances. Of the parents who support their children, 81 percent said they feel the effect, such as on their own lifestyle , which has made 49 percent of them need to cut back on living expenses.
“Like with anything, make a budget for your income and expenses, factoring in savings, debt repayment, and, if possible, contributions to a retirement fund,” added. “Once you’ve done that work, see how much you have leftover to feasibly help your adult kid and set that expectation with them.
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