Study Finds 50% of U.S. Parents Financially Supporting Adult Children

A new study indicates that half of U.S. parents provide some kind of financial support to their adult children, who are grappling with higher food and living costs than they did. The average age of adults receiving financial help from their parents is 22, and while many parents feel their adult children should become financially independent by 25, many are still supporting their children way beyond that milestone. Millennials (28-43) are given an average of $960 a month by their parents, while Gen Z adults (18-27) average $1,515 monthly. The typical expenses covered by parents of adult children include groceries, food, cellphone bills, rent, mortgages, tuition, and health insurance. With food prices predicted to increase by nearly 3% and affordable housing in short supply, even if an adult wanted to become independent, the likelihood is bleak. The average age of homebuyers last year was 49, and they are only going to get older.