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:
- Household items (cutlery, clothes, desks, cupboards, chairs etc)
- grandchildren's daycare expenses
- Household utilities
- Emergency bills
- Buying a car
- House rent / mortgage payments
- Deposit for a rental home
- Buying their first home
What do you help your kids out with?