The study found the average parent spends around $1,400 a month on their adult kids, paying everything from credit card bills to lavish vacations.
CHARLOTTE, N.C. — A new study found nearly half of parents said they're still supporting their adult children financially, and it's putting their financial future at risk.
Many parents give money to their adult kids every now and then, be it for an emergency or to help with a major purchase. But a new study from Savings.com found almost 50% of parents are taking money they'd ordinarily use for retirement to bankroll their kids' lives.
And in a time where all of us are asking where's the money, WCNC Charlotte has a breakdown of this study.
WCNC Charlotte is always asking "where's the money?" If you need help, reach out to WCNC Charlotte by emailingmoney@wcnc.com.
Sure, many parents want to help their children when they’re in a pinch. But this new study shows some parents are spending up to $1,000 a month on their adult children living at home. The most common generation of young adults to receive parental help was Generation Z, the youngest adult generation.
The study revealed parents aren't just helping kids when they're struggling to keep their heads above water. Some of them are funding lavish vacations and paying off credit card debt.
Researchers found 58% of parents have sacrificed their own financial security for the sake of their adult children. The study shows working parents contribute 2.4 times more to support their adult children than their own retirement accounts each more.
But what exactly are parents paying for? Each situation is unique, but researchers found the most common items parents are paying include groceries, rent and phone bills.
The study shows parents helping their adult Gen Z kids tend to pay three of their bills each month, while Millennial children usually get one bill paid thanks to Mom and Dad.
WCNC Charlotte's Where's The Money series is all about leveling the playing field in the Carolinas by helping others and breaking down barriers. WCNC Charlotte doesn't want our viewers to be taken advantage of, so we’re here to help. Watch previous stories where we ask the question “Where’s the Money” in theYouTube playlist belowand subscribe to get updated when new videos are uploaded.
