Do You Give Your Adult Children Money?

Are you still giving your adult children money? You're not alone!

A new survey of 1,000 parents with children who have left home found that 75% continue to provide financial support to their children after they have flown the nest. Almost 1 in 10 have even taken second jobs, started working again, or even delayed their retirement to scrape together the nearly $4,000 per year that they contribute to their adult children's expenses. 36% of parents who have admitted to giving money to their children on a regular basis, say that it has impacted their own financial situation. 66% of parents said they dipped into their own savings, while 15% had to use their credit card.

Nearly one in five parents who are still supporting their adult children financially give their offspring money at least once a week. And while six in 10 like to help their children out when it comes to covering their expenses, 44% admit they feel they have no choice but to do so. 46% admitted they can often be 'over generous'.

Top 10 things parents pay for their adult children: 

  1. Groceries
  2. Household items (cutlery, clothes, desks, cupboards, chairs etc)
  3. grandchildren's daycare expenses
  4. Household utilities
  5. Emergency bills
  6. Vacations
  7. Buying a car
  8. House rent / mortgage payments
  9. Deposit for a rental home
  10. Buying their first home

What do you help your kids out with?

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