Photo: Ozgur Coskun/Shutterstock
A survey conducted by savings.com, a site specializing in personal finance, reveals that almost half of American parents with adult children continue to support them financially.
The survey conducted last month, among nearly 1,000 parents with at least one adult child, shows that more than half help their offspring pay their mortgage or rent, a monthly expense that averages around $800.
Other expenses that are also absorbed by parents are food payments and cell phone plans.
It is noteworthy that more than a third of the children supported were 25 years of age or older, and one in 10 was 35 years of age or older.
This measurement exercise was also carried out last year and although the results were similar, what is difficult for parents is that the financial support destined to support their adult children is increasing.
Apparently, the high level of inflation that is shaking the country’s economy, the increase in mortgages, as well as in housing leases and the lag in wages, are factors that have slowed down the financial growth of young adults in recent years. recent years making it almost mandatory for them to resort to the help of their parents.
In fact, the COVID-19 pandemic triggered the return of millions of adult children to the home of those who gave them life.
Since last year, although the return to normality was declared, 19% of men and 12% of women between 25 and 34 years of age cohabited with their parents. However, less than 50% of them support household expenses.
The controversial point is that many of the parents dedicated to covering the rent and bill payments of their adult children are putting their own retirement plans at risk.
Three-quarters of those surveyed who support their adult children acknowledged experiencing some degree of stress as they fear living comfortably in retirement.
And it is that parents who still work save $635 in monthly retirement contributions on average. That is, much less money than the amount intended to support your adult children.
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