A new survey by Lending Tree reveals that 71% of parents have financially supported their adult children. 44% have done so in the past two years. Other findings:
- Half of Gen Zers and 41% of millennials say they receive financial support from their parents
- 32% of parents send money to their adult kids multiple times a month
-30% of parents expect to keep helping indefinitely or as long as needed.
- top things parents cover for their adult kids ... food (53%) followed by cell phone bills (35%) and Internet or other subscriptions (35%)
- 33% of parents who helped in the past two years say they gave their adult children at least $2,500.
- Among people who received parental help, 38% say their living expenses would be difficult or impossible to manage without it