As more multigenerational living arrangements take hold in American homes, many homeowners find themselves providing financial support for their adult children. In fact, more than half of those polled in a recent American Consumer Credit Counseling (ACCC) survey report they are footing some of the bills for at least one child over age 24—the most common of which is housing.
“Parenting doesn’t end when your children reach age 18 and, for many people, neither does the financial responsibility of supporting them,” says Steve Trumble, president and CEO of American Consumer Credit Counseling. “Setting aside the often crushing burden of student loan debt, everyday expenses for adult children are something parents are trying to manage every day.”
Respondents to the survey also report supporting their adult children with household bills, providing transportation and covering medical expenses, despite the fact that 65 percent of those adult children are employed.
Over 25 percent of those polled say they’re providing over $250 a month in financial support to their adult children; nearly 15 percent are spending over $500 a month. More than three-quarters of respondents believe providing that support is hindering their ability to save.
ACCC is a national nonprofit that helps consumers with budgeting, financial education and debt management.
Published with permission from RISMedia.