Posted 3/12/2024, 5:43:00 PM
Parents Financially Supporting Adult Children More Amid Rising Costs, Potentially Putting Retirement at Risk
- Nearly 50% of US parents provide financial support to their adult children struggling with high costs of living
- Average monthly support was $907-1,515 depending on the adult child's age; common expenses covered were groceries, rent, tuition
- With rising inflation, more adults live with parents; average age of homebuyers now 49
- 61% of renters worried they'll never afford a home as housing becomes "barely livable"
- Supporting adult kids may compromise parents' retirement savings; they contribute 2.4 times more to kids than their own retirement
