A recent survey shows that many U.S. adults with grown children are financially supporting them, spending around $1,474 monthly, which is significant compared to their retirement savings. Factors include rising unemployment and underemployment for recent graduates, leading parents to feel responsible for their children's wellbeing. Many parents sacrifice their own financial stability for this support, with a notable percentage feeling pressured or obligated to assist. These trends highlight a generational struggle between financial security for parents and support for adult children navigating a challenging job market.
More than 80% said they helped pay for groceries; 65% said they foot their grown child's cellphone bill; and nearly half (46%) even fund their adult children's vacations.
Parents seem to know that their adult children are up against big challenges, which is likely why so many help pay their bills.
#financial-support #retirement-savings #intergenerational-assistance #millennial-challenges #job-market-trends
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