More than ever, parents are supporting their adult children financially — and emotionally.
Nearly 60% of parents said they were providing financial support to their adult kids ages 18 to 34, according to a new report from Pew Research Center. That’s because parents these days are more involved and supportive of their children’s lives well into adulthood, said Kim Parker, the organization’s director of social trends research.
In fact, more than half of parents text or call their adult kids at least a few times a week, with a majority of children admitting they go to their parents for advice on everything from their finances, careers to physical health.
“Kids have stronger ties to their parents and are in contact all the time, so they’re probably very aware of what their kids need,” said Parker. “You can’t really separate the emotional from the financial support.”
Soaring housing costs, larger student debt loads and high inflation have made it harder for younger generations to become financially independent. While adults under the age of 25 are more likely to lean on the bank of mom and dad, about a third of adults ages 30 to 34 still received some form of financial aid from their parents in the last 12 months, according to Pew. A whopping 57% of those 18 and 24 are still crashing at their parent’s place too.
Extended periods of financial support could be attributed to parents’ belief that the successes and failures of their kids reflect on their own parenting. But a child’s achievement can come at a cost to parents. In fact, four in 10 parents said doing so hurt their own personal finances with some pushing back their retirement dates.
The Pew report was based on two surveys conducted from Oct. 24 to Nov. 25 in 2023. The surveys included responses from nearly 1,500 adults ages 18 to 34 and roughly 3,000 parents with at least one child between those ages.
This article was provided by Bloomberg News.