Half of the parents in the United States with children 18 years old and over continue to offer financial support, and 26% said their level of support has increased since the beginning of the COVID-19 pandemic.
Parents in the U.S. are spending close to $1,000 per month in support of their grown children, the survey reported.Among other things, this money goes toward tuition, living expenses, health insurance, vacations, car expenses, and cellphones.The survey, performed by Savings.com, also reported that 62% of children over 18 living at home do not contribute to household costs and expenses.
Mothers are more likely than fathers to offer support for adult children, and parental income has an influence on whether mothers and fathers will contribute to their adult children's financial stability, the survey noted. The majority of parents have an exit strategy for the financial support they offer their adult children, according to the survey.
"Almost half of parents who are helping their kids say they plan to withdraw their support in a year or two," the data analysis read."Notably, though, almost one in five have no plans to stop providing financial assistance for their children."Survey.com carried out the survey online in February with 977 American adults, the survey reported.
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