Shocking how much money parents spend supporting adult children (2024)

FAQs

How much money do parents spend on adult children? ›

The study found the average parent spends around $1,400 a month on their adult kids, paying everything from credit card bills to lavish vacations.

“Being financially dependent is not good for adult children or their parents,” says Dychtwald. “Both sides need to work together to turn the situation into a positive. Parents need to be able to assure they will have enough money in retirement, while adult children need to be financially independent.”

The percentage of parents who financially support at least one of their adult children is 47% in 2024, up 2% from 45% in 2023. At the same time, the percentage of adult children living with parents who don't contribute to all to household expenses is 61% in 2024, up 7% from 54% in 2023.

Children say that 21 is an appropriate age, while parents favor age 19 for removing them from the family plan. WILL KIDS INEVITABLY GROW UP SPOILED IF THEY ARE IN A FAMILY THAT'S WELL OFF? Some other expenses that parents often pay their adult children for include gas, groceries and clothing.

There's no magic dollar amount that indicates a sufficient gift for a daughter-in-law. The most important thing is that your gift is meaningful and shows how much you love and appreciate her. This can be done with $5 or $500, but the amount will vary depending on both your budget and relationship.

The new data suggests that, indeed, young adults are more reliant on their parents — texting them for life advice when older generations may have figured out their problems on their own. But the effects do not seem to be wholly negative.

Caring for your aging parents will probably be a necessity at some point in your life. More than 70% of seniors will need assistance with daily living activities as they age, according to the Home Care Association of America.

And while parents surveyed in the study on average said their adult children should become financially independent by 25, many were supporting those children beyond that milestone.

Do I have to support my adult children? ›

They don't get to buy a house, marry, have children and you still support them. They don't get to decide where to go out to eat or what to order, they are still children until self supporting. Legally, a court could make such an order. But the situation would need to be highly unusual.

Adult child syndrome is characterized by an inability to navigate adult decisions and relationships due to the long-term impact of childhood trauma. The term “adult child” was first used by in this context by the organization Adult Children of Alcoholics (ACA).

Key takeaways. You may want to help your adult children reach financial goals like buying a house. Before gifting money or other assets, be aware of potential tax and financial consequences. Ensure your own finances will remain sound, and work with a financial or tax professional if needed.

Nearly half of parents with a child older than 18 provide them with at least some financial support, according to a recent report. For parents, however, supporting grown children can be a substantial drain at a time when their own retirement security is at risk.

If your parents' money isn't considered a part of your budgeting plan, then there's no need to ask for it. Your budget will also account for an emergency fund, so don't worry about slip-ups there.

Raising a child is a rewarding journey but comes with significant financial responsibilities. The average 18-year cost for a child born in 2023 is nearly $375,000.

A survey by Comparethemarket last summer found that more than half of parents charged their children some form of rent for living at home beyond age 18. But instead of truly paying their way, the payment is more of a token gesture. On average, they charged just £25.55 per week — which works out as £110.71 per month.

How much money do you give for an 18th birthday? Only as much as you can afford. If somebody is close to you,they will not mind if all they get is a card and a hug. This is not something you should be going hungry for or getting into debt for.