accomplice Precious life, Today, it is increasingly difficult for young people to leave their parents’ home, and in fact, it is not uncommon for parents to support their children even after they grow up. But at what point should parents cut off financial ties with their children?
The ideal age limit for each family depends on a variety of factors, including the financial situation of the family unit and the steps the child has taken to achieve financial independence, as well as job or family stability. Cultural traditions are another factor to consider, as in some cultures it is customary to continue to support children until they reach adulthood or until they marry.
Most young people who benefit from their parents’ financial support are between the ages of 18 and 24. But what do parents continue to pay for their children even after they reach adulthood?
What expenses do parents pay for their adult children
To give you some numbers, a survey conducted by bankrate.com showed that about 49% of adult children in the United States said they received help in their lives. Household expenses, Nearly 48% admitted that they received help from their parents for their daily expenses.
Another survey by Savings.com showed that the expenses parents are most likely to cover are groceries, rent and cell phone bills.
In the media, Parents provide $1,384 per month for each adult childaccording to a survey by Savings.com. Specifically, the survey showed that many families support their children’s transition into adulthood by maintaining a phone plan. Parents can ensure they stay connected to their adult children by paying for their phone bills.
In particular, about 70% of parents support their adult children Generation Z (born between 1996 and 2010) That number drops to 42% for millennial parents as cellphone bills increase, totaling an average of $60 per adult child.
But it’s not just phones. Other expenses parents often pay their adult children for include gas, groceries and clothes.
Surveys show that American parents pay an average of $1,384 per month for their adult children, a large portion of which goes toward housing costs, namely rent and even mortgage payments.
These figures demonstrate the precarious nature of the working environment young people live in today, making their future increasingly uncertain.